Per my previous long call’s target to secure the 70 take profit mark, Litecoin is now trading within February 28 order block’s median levels. 

As a result, my July 9’s long trade plan has exited in profit after holding for 5 days and 16 hours:

https://www.finlogix.com/analysis/20240709/litecoin-intraday-analysis-and-trading-plan-for-july-9-2024

The US is set to have 5 high impact economic reports starting tonight.

The crypto markets in general including Litecoin have closed the previous week in green after a frail July starting.

Re-assessing LTCUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Red Long Lower Shadow now a Red Long Lower Shadow

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Small Green Inverted Hammer

Daily Candle: Previous close is a Green Doji current is a Green Inverted Hammer

In today’s analysis, I still use July 3-5 swing high to low moves as retracement points of view.

According to these retracements, price is now hovering in premium levels after Litcoin had a pretty strong weekly closing recovery.

Bulls need to keep the price within the February 28 order block’s median levels to maintain the chances of completely breaking the May 21 downtrend.

Even though the current weekly candle imposes a double top pattern, I’m seeing buyers that can prevent this pattern.

A possible ranging week if the LTCUSD bulls decide to send the price in sideways.

In today’s trade plan, I will enter a new long position speculating that the February 28 order block’s median levels will hold.

I am not bothered by a double top weekly pattern at all, but in any case it happens, a stop loss is placed at the 63 level again.

My take profit this time is set at the 80 mark for a complete annihilation of the May 21 downtrend for good.

Here are the buy orders to execute the trade plan:

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

I just want to see more Litecoin comebacks soon.

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