LTCUSD Technical Analysis 4 hour - Patience, no clear buy yet

업데이트됨

Hi there.

Current state:

Out - We have USD in hand. Movement has been mostly lateral. You can see this in the yellow highlighted area.
Patience. A good trader is a patient trader. If there is no clear buy opportunity then we are not trading we are gambling our money.

Indicators/Charts analysis:

Price went above our early alarm warning ($42.87) but could not keep with momentum and came back down. This means there is not a lot of buyers out there thinking that price will continue to go up. At least not yet and I am of course not one of them.
RSI is in the oversold area but and still trending down. This signals the possibility of further price drops.
Stoch RSI in overbought. This is interesting because it does not align with regular RSI. This is a red flag indicating we have to watch out for price action to the down side.
Bollinger bands are narrowing. This signals that volatility has been low, hence the lateral move in price. Remember it is harder to make money in a stable market. Volatility is our friend.
Parabolic SAR switch from uptrend to down trend. This is due to the last price drop from $42.87 to currently $41.78. This does not help the case for an up trend.
Awesome indicator nearing 0. This combined with the bollinger bands narrowing could imply a possible move to the up direction. Keep an eye for this.
EMAs not even close to cross in the up trend. This further supports a continuation to the down trend. However they are moving almost horizontally. This is due to the consolidation in price. Remember that after prices consolidate, they move again in one direction or another.
Renko (0.74 brick size) still shows a down trend. However no new bricks. This further confirms horizontal price action.

Stop Loss:

$43.78 - This is our possible entry point still.
Note: You can see why the stop loss is placed at least 2 renko bricks up. If it would have been closer, it would have triggered when the price reached $42.87 earlier today but no real trend was forming

Target:

$48.40 (+10.6 %) - Target is chosen based on current price volume profile. This of course also aligns with the red candle of 14 Nov.

Alarms:

$42.87 - We will keep this alarm here for now.

Conclusion:

Hold. No clear buy setup is currently available. Again, we are trading not gambling. This means we need a clear buy setup before we enter a trade.

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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**

노트

Moving Stop loss to: 43.02. Period is about to close and it looks like we got a new renko brick down, so we need to adjust stop loss accordingly.