Namaskar LuckySevenTrader Community:

In the recent analysis of Litecoin #LTC/USDT on the 2-hour timeframe, we've observed a notable pattern following the price's rejection from a critical resistance level at 106.17. Currently, the price is making another attempt to move upward towards this resistance.

Key Observations

  • Resistance Level: The price has faced rejection at 106.17 multiple times, indicating a significant barrier.

  • Potential Breakout: If the price manages to break above this resistance level, we could see a rapid price increase of 5% to 10% in a short timeframe.

Trading Strategy

Given the current market conditions, it's essential to wait for confirmation before entering a long position. Here’s how I plan to approach both futures and spot trading:

Entry Position

  • Entry Price: 106.64

Risk Management

  • Stop Loss: 105.17 (to limit potential losses)

Profit Targets

  • Take Profit 1: 112.04

  • Take Profit 2: 117.43

Additional Strategy

For maximizing gains, I recommend implementing a trailing stop loss to break even once the first profit target is reached. This approach allows for holding onto the position for a potential larger price pump while securing initial profits.

Conclusion

In summary, the key to this trading strategy lies in monitoring the price action around the 106.17 resistance level. With proper risk management and a clear entry strategy, there’s potential for significant gains in the upcoming trading sessions. Always ensure to conduct your own analysis and consider market conditions before making trading decisions.

Note: I am not a Financial advisor Trade On your Own Risk.

#LuckySevenTrader #Litecoin #BinanceSquareTalks #Follow_Like_Comment
$LTC