Hi Traders! Litecoin forecast follow up and update is here. On February 9th I shared this “Litecoin Buy Idea After Bullish Trend Pattern” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
LTCUSD H1(1 Hour) Chart Current Scenario
Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further after pullbacks. The pullback that I was looking for happened (you can see this clearly on the H1 chart below) but the price was holding above the strong support zone. In addition to this, on the H1 chart, we had a bullish hidden divergence that has formed between the first low that had formed at 144.84 and the second low that had formed at 164.14 based on the MACD indicator which we may consider as a fact provided by the market supporting the bullish view. The price then moved higher as I expected and delivered a nice move to the upside.
Also on the M15 chart, the price created a continuing bullish divergence between the first low that had formed at 165.64 and the second low that has formed at 164.14 which we may consider as another fact provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted to us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
