Cryptocurrencies

Litecoin: Reversal Candle Signal

Yesterday I wrote about how I was buying some LTC on what was basically a coin flip.  Meaning, there was no clear signal, but I decided to enter based on some other factors.

Funny How Prices Work

Less than 24 hours later that same daily candle I entered has rallied after pushing lower to form a reversal candle and gives as an actual technical entry.

Granted this daily candle has some time to close still, but it is currently showing us a reversal.  After two down days we saw price trade through the prior candle’s low and rally to a price that is above the prior closing price.

This happened right around that 75 are support/resistance.  Thus, my gamble yesterday has essentially turned in to a entry signal.   My stop is the low of today’s candle with first upside target being 84.

Remember, we always want a risk-reward scenario of 2 to 1 or better.  It was one of the reasons I decided to gamble yesterday as opposed to waiting for an entry signal as I was getting better than that ratio.

Hopefully today’s candle closing strong and it is a signal of higher prices in the near term.

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