LTCUSD Technical Analysis 4 hour - Wait for confirmation to buy

Hi there.

Current state:

Out - This means we have USD in hand, waiting to enter trade.
Waiting for a trend change confirmation. Nothing so far.

Indicators/Charts analysis:

• RSI is in the oversold area.
  
• Renko (size 0.74) shows down trend still continues. A new brick is currently forming (light red brick)
  
• Price is still moving below EMAs (12, 26 and further)
  
• Candle sticks show a down trend for the last 8/4h periods
  
• Stoch RSI has remained approximately at same level for a few periods.
  
• Awesome Indicator not approaching 0 yet. No clear control of bulls vs. bears
  
• Stoch RSI and RSI in renko at at oversold conditions. However these tend to stay there longer than with candle stick charts.
  

Stop Loss:

$44.46. May move to $43.70 once renko confirms new red brick.

Alarms:

Price crossing $43 up. This will act as an early warning that trend may be reversing and opportunity to enter trade may be approaching.

Conclusion:

Hold. Do not enter trade.
Continue to monitor market until trend reverses and trade opportunity presents itself.
Price may still go down to $40.39


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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**

Comment:

Updated Stop loss to: 43.78