With an incoming retest as a flipped supply area, Litecoin’s February 28 order block is the bulls’ primary target where the lost 70 level resides.

As a result, my June 27’s long trade plan has exited in another loss after holding for 7 days and 12 hours:

https://www.finlogix.com/analysis/20240627/litecoin-intraday-analysis-and-trading-plan-for-june-27-2024

The US is set to have 9 scheduled high impact economic reports starting tonight with key highlights on Fed Chair Powell’s speeches.

The crypto markets in general including Litecoin have printed out new lower lows extending their respective downturn since June 7.

Re-assessing LTCUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Long-Legged Doji now a Red Long Upper Shadow

Monthly Candle: Both previous and current are Red Long Lower Shadows

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

Daily Candle: Previous close is a Green Long-Legged Spinning Top current is a Green Body with a Longer Tail Wick

In today’s analysis, I change the retracement points of view using July 3-5 swing high to low move.

Based on these retracement points, the 70 level is lost after the February 28 order block has been completely broken down as a support from last week’s push up attempt.

However, last week’s dump has found solace within January 3’s OB territory resulting in a price rebound this week.

Litecoin bulls are preparing to push the price higher until the May 21 downtrend line ends.

This week’s closing is crucial in order to change the current downtrend status.

In today’s trade plan, I will trigger another long position while Litecoin’s price is still exchanging hands below the discounted 50% fib level from the mentioned retracement points of view.

I’m specifically targeting the 70 lost level to take profit with a stop loss set at 63 only.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

I’m still hoping for a Litecoin comeback.

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

Litecoin Intraday Analysis and Trading Plan For July 9, 2024

Jul 09 2024

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