Litecoin’s July 29 buy side liquidity sweep helped in taking down July 5 external lows from last Monday’s crypto market wide extended sell-off. 

As a result, my July 15’s long trade plan has exited in profit after holding for 18 days and 5 hours:

https://www.finlogix.com/analysis/20240715/litecoin-intraday-analysis-and-trading-plan-for-july-15-2024

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-Legged Semi Doji now a Red Long Upper Shadow

Monthly Candle: Previous close is a Red Long Lower Shadow current is a Red Body with a Longer Tail Wick

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

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Spinning Top

In today’s analysis, I will be referencing the retracement points of view from July 29 – August 5 swing high to low move.

Based on this movement, LTCUSD’s latest down wave may have found its bottom already after bears successfully liquidate all the sell side liquidity levels residing under July 5 external lows.

For now, the remainder of the intraweek is bound or limited between the daily bearish and 4H bullish FVGs.

I have given up most of my July Finlogix crypto trading plans’ unrealized profits including Litecoin.

Crypto markets are one of the most notorious in terms of sudden price fluctuations and it’s very, very important to have proper risk management.

Remember my advice to use trailing stops to avoid giving back the supposed gains to the market or at least go back to break-even.

So in today’s trade plan, I would like to open a new one through a possible backtest on the 23.60% fib level with a tight stop loss some points below the 4H bullish FVG.

The take profit exits at the 61.80% fib level depicting a re-test towards the May 21 downtrend trendline.

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

Let’s see how this one goes and good luck again.

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

Litecoin Intraday Analysis and Trading Plan For August 8, 2024

Aug 08 2024

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