One of the least volatile cryptocurrencies around, Litecoin may have bottomed out after its price has found solace in February 28’s external lows as the saving order block.

As a result, my June 17’s long trade plan has exited in another loss after holding for 9 hours only:

https://www.finlogix.com/analysis/20240617/litecoin-intraday-analysis-and-trading-plan-for-june-17-2024

The US is set to have 3 remaining high impact economic reports starting on Thursday.

The crypto markets in general including Litecoin just have recovered from yesterday’s selling volatility.

Big thanks to the weaker month-over-month US Core Retail and Retail Sales figures.

Re-assessing LTCUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Red Spinning Top now a Red Body with a Slightly Longer Tail Wick

Weekly Candle: Still a Red Body since last check but with a Longer Tail Wick

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is Green Inverted Hammer

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

We have a change of retracement points of view using the June 16-18 swing high to low move.

Based on these retracement points, we have a bearish mini trend that can potentially target the 64.90 level and a bullish counter mini trend that targets 85.75 level.

In comparison from last Monday’s analysis, we have lessened range levels.

With the help of February 28’s external lows as the buying order block, I’m speculating an upward price trajectory towards the bearish FVG and OB shown above.

Both the 4H bearish order block and FVG above are my take profit targets in this new long trade plan.

Focusing solely in the bearish counter mini trend , I like to enter the new long position on the current 4H candle’s probable pullback with a stop loss at the 69 level within the mid point area of February 28 OB.

The daily green inverted hammer can hint a change of trend to the upside.

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 19, 2024

Jun 19 2024

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