Litecoin’s bullish 4H formed in May 15-16 has cushioned Friday’s dump sending its price back inside the descending channel.

I am including the 21st largest cryptocurrency in terms of market capitalization, the Litecoin – LTCUSD, one of the earliest crypto.

The US is set to have 5 high impact economic reports in the coming trading week.

The crypto markets in general including LTCUSD have continued protecting its gains after Bitcoin held its crucial 67,000 support strongly last Friday.

Assessing LTCUSD’s high timeframe candles:

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Spinning Top

Weekly Candle: Previous close is a Green Long Upper Shadow current is developing a Green Shaven Bottom

Daily Candle: Previous close is a Red Body with Equal Wicks current is developing a Green Body with a Longer Head Wick

Last Friday’s drop was not able to fully retraced LTCUSD’s 4H FVG indicated above.

Therefore, any potential retest down low near this FVG will fill in queued long positions’ orders.

I’m not yet convinced that the upper boundary of the descending channel will be revisited soon until we see more confirmations below the lower low’s trendline support.

LTCUSD’s current 4H chart’s structure reminds me of my NAS100 and S&P500’s trade plans where these indices both faced the same descending channels that caused price reversals to the upside.

But in LTCUSD’s case, the huge scam wick on Friday’s sell-off was a stronger degree. It was a swift, aggressive decision by the buyers upon response to the sellers.

I’m looking to open a long position if the price goes out below the LL’s TL.

I’m targeting a mini breakout of the LH TL with a take profit towards April 26’s external high.

Meanwhile, I’m putting a stop loss on the bullish 4H FVG’s 100% retracement only even though it has a possibility to become a supportive order block.

Here are the long order details to play the setup:

Either trade result comes, I’m happy to adjust the next execution.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

Litecoin Intraday Analysis and Trading Plan For May 27, 2024

May 27 2024

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