Litecoin Intraday Analysis and Trading Plan For June 27, 2024
Rafael Ken Aguilar
LTCUSD·
Jun 27 2024
Stop Loss -6.29%
Holding time 7d12hr
70.413
Entry price
65.986
Stop loss price
1
Litecoin’s February 28 order block has been completely retracted during intraweek’s swing low move but continues to play an important role.
As a result, my June 19’s long trade plan has exited in another loss after holding for 4 days and 22 hours:
https://www.finlogix.com/analysis/20240619/litecoin-intraday-analysis-and-trading-plan-for-june-19-2024
An updated 0-3 win loss record.
Happy Thursday.
Upcoming High Impact Economic Reports
The US is set to have 4 remaining high impact economic reports starting tonight to wrap this trading week.
The crypto markets in general including Litecoin remain in a sideways price action and waiting for further confirmation from their recent support levels.
Intraday Analysis
Re-assessing LTCUSD’s high timeframe candles:
Yearly Candle: Last check is a Green Long-Legged Doji now a Red Long-Legged Doji
Monthly Candle: Still a Red Body since last check but with a Longer Tail Wick
Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Red Hammer
Daily Candle: Previous close is a Red Long-Legged Spinning Top current is a Green Long-Legged Doji
In today’s analysis, I change the retracement points of view using the shallow June 20-25 swing high to low move.
Based on these retracement points, staying above the 70 level is an utmost priority to play out a price upward reversal.
Litecoin remains above this level after Tuesday’s drop and if buyers start a breakout move, June 20’s immediate internal high will be easily broken up to the 80 level which ends the May 21 downtrend.
Failure to sustain this area through another Bitcoin dump can proceed a swift retest towards the lows this week at least.
Trade Plan
Today’s trade plan is setting another long position entering the current levels with the same take profit target previously at the 81 mark but a deeper stop loss at 66.
Here are the long order details to play this setup:
Buy Entry: 70.40
Stop Loss: 66.00
Take Profit: 81.00
Risk to Reward Ratio: 2.41
Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.
Conclusion
Litecoin is still in the hands of the sellers as long as the May 21 downtrend persists.
Good luck on this.
All trade ideas I share are my own views and for my own trades only.
Trading involves risks.