Here we have an interesting setup. We can attempt to go long if LTCUSD breaks above the resistance, expanding this week's range.
A stop loss at 2.969 and a target at 3.819 gives us a very nice risk to reward ratio.
Rgmov indicates trend is up, and we have a weekly downtrend that has expired, triggering a range expansion up bar.
After more than 5 weeks without new lows, volatility is very low, which is the right enviroment for a breakout trade, which also aims to capture the move when LTC catches up with BTC, in dollar terms.
If you are a LTC holder, once the target's hit, you can sell your Litecoins for dollar AND sell short with margin.
Good luck if taking it. Make sure to check out Tim West's "Key Hidden Levels" chatroom for more trade setups and insightful discussion with other traders and with Tim himself.
Cheers,
Ivan Labrie
Time at Mode FX
A stop loss at 2.969 and a target at 3.819 gives us a very nice risk to reward ratio.
Rgmov indicates trend is up, and we have a weekly downtrend that has expired, triggering a range expansion up bar.
After more than 5 weeks without new lows, volatility is very low, which is the right enviroment for a breakout trade, which also aims to capture the move when LTC catches up with BTC, in dollar terms.
If you are a LTC holder, once the target's hit, you can sell your Litecoins for dollar AND sell short with margin.
Good luck if taking it. Make sure to check out Tim West's "Key Hidden Levels" chatroom for more trade setups and insightful discussion with other traders and with Tim himself.
Cheers,
Ivan Labrie
Time at Mode FX
