Hi Traders! Litecoin short term forecast and technical analysis is here. The way I would like to analyze the chart for setups is based on multi-timeframe confirmations because in my POV if we get more evidences on different timeframes for the same direction then it makes the setup much more reliable. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available! Let’s start our analysis from the highest timeframe which will be the daily chart here.
Explore My Free Mentorship Program
As an Internationally Certified Financial Technician (CFTe, IFTA) and former private capital hedge fund trader, I have successfully mentored numerous students who are now thriving in the trading world. Students who learned with me, are now full-time traders, work in the trading industry, run their own capital firms or are fully funded traders by private companies, develop automated trading solutions and manage others’ capitals. I am a very proud mentor and I am proud of the success stories I’ve helped create, and for a limited time, I’m offering my mentorship program for free through a partnership with Eight Cap broker. Join Eight Cap, become an active trader, and choose the offer that suits you best –
For more details, visit: Home Trader Club Mentorship Program
I’m excited to work with you and help you reach your desired level of success!
Litecoin D1(Daily) Chart Analysis – Strong Bullish Momentum, Higher Highs, ADX Indicator
On the daily chart, we could see that currently we have a strong bullish momentum. Also, the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. In addition to this, the ADX indicator gave a bullish signal here as well at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently there are no signs opposing this short-term bullish view. So everything looks good here for the bulls and we may now move down to lower timeframe and look for evidences supporting this short term bullish view.
LTCUSD H4(4 Hours) Chart Analysis – Strong Bullish Momentum, Two Key Support Zones
On the H4 chart, we have a strong bullish momentum here as well and also currently there are no signs opposing this short term bullish view. Also while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 23.6%(111.17) – 38.2%(104.43) Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 50%(98.98) – 61.8%(93.53) Fibonacci retracement levels of the strong bullish move. Until both these key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
Technical Analysis & Forecast Summary
Litecoin D1(Daily) Chart Analysis
- Strong Bullish Momentum, Higher Highs, ADX Indicator
LTCUSD H4(4 Hours) Chart Analysis
Strong Bullish Momentum, Two Key Support Zones
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.
Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?
I invite you to
And improve your trading with us.
Also, you can get one of our strategies free of charge. You will find all the details here
If you have any further questions, don’t hesitate to drop a comment below!
Happy Trading!
Arvinth Akash
Home Trader Club Team
