Our yesterday’s trade of Litecoin (LTC) achieved the target quite quickly. While the target was just 1.07%, it surged more than 2%. This is a clear indication that our analysis was correct. It seems like Litecoin (LTC) might once again provide a brilliant trading opportunity. We look at the Litecoin (LTC) technical price analysis October 2, 2018, to know more.
Litecoin (LTC) technical price analysis October 2, 2018:
If you look at the price movement of Litecoin (LTC), it just bounced back from the levels of $ 59. Thus, it might actually have formed a double bottom as well. However, the confirmation of that will only happen when Litecoin (LTC) is able to break above the upper trend line.
In such a case, the target will be 5.89% higher. Moreover, the stoploss will be 2% below the upper trendline. Thus, in such a case you will be taking a risk of 2%. The approximate gain will be 5.89%. This will ensure that the risk-reward ratio is in your favor.
One thing which you have to keep in mind is that you have to always use RSI indicator as well as volume indicator as a confirmation signal. Only when you are able to use additional indicators for confirmation, you will be able to avoid any kind of false break out. Till the breakout, it is expected that the price of Bitcoin (BTC) will move in the range. Only when it is able to break that range, it will become easier for the traders to actually initiate a trade in Litecoin (LTC).
Thus, if you’re looking for a trading opportunity in Litecoin (LTC), these are some of the levels which you should look out for. Only when it is able to move beyond the trading channel any kind of trade can be initiated. Till then, it is in no man’s land.