Jack's Trading Classroom | LTCPERP Litecoin Mid-term Buying Strategy

In our last technical analysis of Litecoin published on March 7, 2021, titled "LTCPERP Litecoin Trend Analysis," the price of Litecoin was at 188.23 when the article was published.

In our last technical analysis on Litecoin published on March 7, 2021, titled "LTCPERP Litecoin Trend Analysis," the price of Litecoin was at 188.23 at the time of publication.

After the publication of the article, the target prices have all been achieved. Today, we return to the chart of Litecoin to assess if there are reasonable trading opportunities.

Currently, we see the four-hour candlestick chart of LTCPERP. Litecoin reached a high of 413.65 earlier and then dropped to a low of 290.34.

This low retraced to the moving average support channel formed by EMA144 and 169 on the chart. Before the EMA12 filter line crossed below the EMA144 and 169 support channel, the buy condition was already met with the candlestick closing above EMA12 at an entry point of 328.99. The stop-loss point should be set at the previous low of 290.34.

It should be noted that although there was a short-term loss after the buy condition was met, the overall trend remains bullish.

A basic pattern judgment has been made, showing a potential double bottom pattern on the four-hour chart. The high point of the neckline should be judged at 339.26. Therefore, if the price closes above the neckline high point of 339.26, the buy condition for the pattern can be confirmed. The upper resistance to watch is at 347.63. It is advisable to strictly implement a partial position strategy and be cautious of rebound risks. Wishing you a successful trading experience.

In recent days, the digital currency market has experienced significant volatility. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal reference only. Please exercise caution when considering it as virtual currency trading may pose risks to your capital.

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