Based on the 4-hour chart analysis of LTC/USDT, here is a detailed technical analysis along with a suggested intraday trading signal:
Technical Analysis
Support and Resistance Levels:
Support: The recent low at $111.80 serves as a key support level.
Resistance: The intraday high of $116.82 acts as immediate resistance.
Moving Averages:
50-Period EMA: The price is trading above the 50-period Exponential Moving Average (EMA), indicating short-term bullish momentum.
200-Period EMA: The price is also above the 200-period EMA, suggesting a sustained upward trend.
Relative Strength Index (RSI):
The RSI is currently at 52.23, indicating neutral momentum.
Intraday Trading Signal
Entry Point:
Consider entering a long position if the price breaks above the immediate resistance at $116.82, confirming bullish momentum.
Targets / Take Profits:
Target 1: $120.00 – A conservative target near the next psychological resistance level.
Target 2: $125.00 – An extended target if bullish momentum continues.
Stop-Loss:
Set a stop-loss order below the recent support level at $111.80 to manage potential downside risk.
Risk Management
Position Sizing:
Determine your position size based on your risk tolerance, ensuring that potential losses do not exceed a predetermined percentage of your trading capital.
Monitoring:
Regularly monitor the trade and adjust stop-loss and take-profit levels as the market evolves, considering factors such as changes in trading volume and emerging chart patterns.