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LTC/USDT technical analysis: potential long opportunity as the price continues the rally

By: Invezz
LTC/USDT trading strategy
  • Buy/sell asset: Buy LTC/USDT
  • Entry price: 86.75
  • Stop loss: 79.34
  • Leverage: 1x
  • Take profit 1: 93.50
  • Take profit 2: 100.00
  • Take profit 3: 115.00
  • Timeframe: 1-2 weeks
  • Maximum profit: 32%
  • Maximum loss: 8%
LTC/USDT chart and technical analysis

Litecoin is in a bullish trend on smaller timeframes and the price is making higher highs for the last couple of months. The price gained more than 22% since the start of the current week and the price will likely make a correction after the recent surge. The price may retrace back to the 86.75 support level for correction before reaching new highs.

The price of Litecoin is likely to surge significantly as it recovered less compared to other altcoins in the recent crypto market rally. There is massive potential for an upsurge. The price made long bullish candles with fair value gaps which indicate a healthy bullish trend.

I am considering the 86.75 price for long entry as it is a key support level and is around the 0.5 Fibonacci retracement level. Moreover, there is also a bullish order block and displacement which will push the price up. My target for this trade is the 115.00 daily supply level.

Litecoin fundamental analysis

Fundamentally, the price is likely to remain stable as there are fewer
high-impact news that can have a significant impact on the price of Litecoin.

Litecoin to Tether trade idea takeaways
  • The price of LTC/USDT is likely to make significant gains in the coming days.
  • The price will probably rally to the 115.0 supply level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:3.8.
  • The entry and stop-loss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck

The post LTC/USDT technical analysis: potential long opportunity as the price continues the rally appeared first on Invezz

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