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Tag: 4H

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Litecoin (LTCUSD): Higher Low But Conflicting Signal.

Litecoin (LTCUSD): Higher Low But Conflicting Signal. Litecoin (LTCUSD 4 Hour): Selected as Trade Of The Week but as Bitcoin came off its high, LTC has failed to follow through (see conflicting signal on chart). These signals are momentum based which means the price action that follows the signal should be green in the case of a bullish momentum reversal. When momentum fails, it is usually a good idea to take an early exit rather than taking the full stop. See chart here: https://www.tradingview.com/x/hyO9YLKH/ As of now, price is still managing to hold above the 68 support level which likely coincides with Bitcoin 40K. As long as this key support holds, another bullish leg is still probable. Bitcoin will have to lead the way. IF 68 is compromised, avoid any new longs until a confirmation of stability appears.

Bitcoin 4H Higher Low.
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Bitcoin: 4H Higher Low Confirms Momentum.

After some drama with the SEC’s X account, Bitcoin has continued to stay in line with the short term momentum. A higher low has been established around the 44,500 level (blue arrow). This configuration continues to favor the possibility of a higher high which can be well into the 48K area over the coming days. Also take note of the 4 Hour pin bar, an ideal sign of strength coming off a noted support area. The 48K to 50K area is what I consider a higher probability bearish reversal zone (best for aggressive day trades only). Otherwise use this strength as an opportunity to take profits on other alt coin positions. Also as a reminder the CPI report comes out tomorrow in the early AM EST. Any surprises can have a significant affect on the Dollar, S&P, etc.  

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