Litecoin: Reversal Candle Signal
Yesterday I wrote about how I was buying some LTC on what was basically a coin flip. Meaning, there was no clear signal, but I decided to enter based on some other factors.
Funny How Prices Work
Less than 24 hours later that same daily candle I entered has rallied after pushing lower to form a reversal candle and gives as an actual technical entry.
Granted this daily candle has some time to close still, but it is currently showing us a reversal. After two down days we saw price trade through the prior candle's low and rally to a price that is above the prior closing price.
This happened right around that 75 are support/resistance. Thus, my gamble yesterday has essentially turned in to a entry signal. My stop is the low of today's candle with first upside target being 84.
Remember, we always want a risk-reward scenario of 2 to 1 or better. It was one of the reasons I decided to gamble yesterday as opposed to waiting for an entry signal as I was getting better than that ratio.
Hopefully today's candle closing strong and it is a signal of higher prices in the near term.
Ether taking the lead! Let’s see where this goes for the rest of the market!
Posted using Partiko iOS
So, was the coin flip heads or tails?
And, i am 99% certain you will make money on this trade... i just do not know how long it will take.