Litecoin’s May 15-16 bullish 4H FVG became a selling order block on Friday’s rejection on top of a continued June 7 bearish 4H FVG.

As a result, my May 27 long trade plan has exited in a loss after holding for 9 days and 23 hours:

https://www.finlogix.com/analysis/20240527/litecoin-intraday-analysis-and-trading-plan-for-may-27-2024

Marking my first loss this year with no win record.

The US is set to have 6 high impact economic reports this week.

The crypto markets in general including Litecoin have continued trading within their June support levels.

Re-assessing LTCUSD’s high timeframe candles:

Yearly Candle: Last check is a Green Spinning Top now a Green Long-Legged Spinning Top

Monthly Candle: Previous close is a Green Spinning Top current is a Red Spinning Top

Weekly Candle: Previous close is a Red Hammer current is a Red Body with a Longer Head Wick

Daily Candle: Previous close is a Red Long Upper Shadow current is a Red Body with a Longer Head Wick

Note: I’m using Tradingview.com under the LTCUSD pair in Bitstamp Exchange to thoroughly re-assess these high timeframe candles.

The June 6-8 swing high to low move are our retracement points of view.

Based on these retracement points, we have a bearish main trend that can potentially target the 67-69 range levels and a fighting bullish counter trend that targets 91-93 range levels.

The main trend target starts once the 75 level breaks down while the counter trend starts once the June 7 bearish 4H FVG is completely retraced.

Price starts weak in the intraweek opening and Litecoin bears are likely to seek all the sell side liquidity areas residing under the 77.50 levels.

With both the 4H bearish order block and FVG above, I like to trade in the counter trend’s direction through a long limit order as Litecoin’s price revisits its main trend’s 23.60% fib retracement soon which is still a discounted array.

I will be putting the stop loss below this fib level while targeting the 50% territory of the 4H bearish FVG.

Here are the order details for this long setup:

I prefer to trade in the counter trend’s direction for now.

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 June 17, 2024

Jun 17 2024

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