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Buy LTC/USDT opportunity: riding the upward momentum in Litecoin

By: Invezz

September 20, 2023 at 12:32 PM EDT

Trade idea summary

Buy/sell asset: Buy LTC/USDT
Entry price: 63.01
Stop loss: 61.14
Leverage: 3x
Take profit 1: 64.50
Take profit 2: 67.50
Take profit 3: 71.12
Timeframe: 1-2 weeks
Maximum profit: 36.61%
Maximum loss: 8.7%

LTC/USDT chart and technical analysis

LTC/USDT is turning bullish after the price made inverse head and shoulder pattern and closed above the major resistance level of 63.01.

Price is making correction after it closed above the previous high. I am expecting it will retrace back to 63.01 before continuing its bullish momentum.

The 63.01 resistance level will now act as a strong support level and will push the price upward. Price will possibly reach 71.12 supply area in the coming rally.

Litecoin fundamental analysis

Fed interest rate decision is due today, which will potentially impact the Crypto market.

However, it will not impact this trade significantly as the price is still considerably above our entry-level.

Litecoin to Tether trade setup takeaways

LTC/USDT will possibly rally to 71.12 supply area as predicted.
This trade has been sent after multiple confirmations.
Multiple take-profit levels have been added to secure profit along the way.
Both stoploss and take profit prices have been set carefully with the maximum probability of winning
Good luck!

The post Buy LTC/USDT opportunity: riding the upward momentum in Litecoin appeared first on Invezz.

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