Litecoin – Reliable Signals for Buying
Litecoin / Dollar BITSTAMP:LTCUSD
The market corrected the previous upward movement and we have to search for reversals and signals confirming the continuation of the main uptrend.
The price bounces from the support zone formed by SMA50, 75.00 and 70.00 levels. The market tried to move below this zone but this attempt was not successful. The price moved above SMA50 and now we have the reversal signal. RSI confirms the price reversal and MACD histogram supports a possible upward movement.
But buying based on this reversal signal can be risky.
It will be better to wait for an additional signal confirming the further upward movement. Such a signal we will be able to get if the price breaks the downtrend line and moves above 75.00 level. If so, we will get the signal confirming the further upward movement in the bullish structure.
This breakout can be used for buying for medium and long term. With proper money management, the entry and exit levels, this market will be able to give a good profit, of course, if the market continues the main trend.
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Source: TW DLavrov