2nd July 2018 Daily Trading Commentary | LITECOIN

in litecoin •  5 months ago

Cryptocurrencies Outlook| ETHEREUM
Monday, 2nd July 2018

Note: I use New York Close Chart for all my Trading Analyze.

LTC/USD

Like ETH, the counter-trend from 72.83 did not survive the pullback from 83.70.

But by the same token, a new counter-trend rise has developed from last Friday’s low of 72.02 in both the 4-hourly and hourly time frames. 

The idea that a major bottom is either nearby or already in place means that going forth LTC too is likely to rise in tandem with the anticipated reversals in cryptocurrencies. 

That being the case, buying on pullbacks is viable considering the huge upside potential relative to selling at current levels.  

It is a fact that LTC had been the weakest link last month as price started to unravel from the May high. But rising tide raise all ships. 

LTC, weak as it was will also see higher prices ahead if the prognosis is correct.  In the 4-hourly time frame, the retracement from the weekend high was deeper than the 50.0% mark at 77.74 with a low of 77.30. 

There is a good chance, going forward, we may see a resumption of this uptick. The immediate barrier is the swing high at 86.30 and of course the supply zones at 94.69 – 98.47 and 101.74 – 107.18.  


In the hourly time frame, the counter-trend rise from 72.02 is developing nicely. 

So was the retracement from the weekend high of 83.46. So far, this retracement has hit the 50.0% retracement level and it is possible an intermediate low is in place at 77.30. 

Going forward, a resumption of the counter-trend rise could ensue from the current level.  

After being stopped out of the last trade setup, only 2 long positions were re-established during the weekend pullback from 83.46. The immediate target is at 88.46.  

TRADE IDEAS

Disclaimer: 

Any Advice or information on this blog is General Advice Only. It does not take into account your personal circumstances, please do not trade or invest based solely on this information. 

By Viewing any material or using the information within this blog you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Traders Academy International, it's employees, directors or fellow members. Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in those markets. Don't trade with money you can't afford to lose. This blog is neither a solicitation nor an offer to Buy/Sell Futures, Spot Currency, CFD's, Options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this facebook page. The past performance of any trading system or methodology is not necessarily indicative of future results. 

High Risk Warning: 

Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency Trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency trading and be willing to accept them in order to trade in these markets. Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this facebook page is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @daniel.ang! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published
Award for the number of upvotes received

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Belgium vs Japan


Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes


Do you like SteemitBoard's project? Then Vote for its witness and get one more award!