Trade Recommendation: Litecoin
With the market volatility dropping off we have seen the market drifting with a lack of conviction in direction. We will need to lower our expectations a bit to returns that are more modest from the outsized gains we all became accustomed to over the last year.
The Daily Pivot Moving Averages are flat, so they are neutral. The market could be setting up for a rally.
But it will have to confirm this strength by closing above the ‘A’ up line.
Place the stop loss at the Opening Range low and the profit target stated below.
Note: If triggered, look for the trade to play out over a period of 48 hours and if no significant move after 3 hours, exit the trade. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade.
Entry Price: 218.77
Stop Loss: 211.28
Profit Targets: First profit target 230.00. Second profit target 244.00. Once price reaches the first profit target raise the stop loss to breakeven.