Investment idea: Buying Litecoin amid the launch of EDX Markets
TradingView analyst presented a strategy for earning on Litecoin cryptocurrency (LTC)
A popular analyst at TradingView Trade_lab assessed the cryptocurrency's prospects and told what would lead to an increase in its price
In the current situation in the cryptocurrency market, Litecoin coin (LTC) looks like an attractive object to buy. There are several reasons for this.
First, the launch in the U.S. of a new exchange for institutional investors EDX Markets. In terms of funding, this exchange was supported by such well-known professional participants as Citadel Securities, Fidelity, Charles Schwab, Sequoia Capital and Virtu Financial. The exchange allows you to trade a limited list of cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Entry for large capital. How the new EDX cryptocurrency exchange works
If you pay attention to Bitcoin Cash (BCH), you can see the price reaction of this asset on the chart with the naked eye:
BCH has tripled in price in just over a week.
Why Bitcoin Cash investors and why the coin doubled in a week
A similar scenario can be expected from the cryptocurrency Litecoin (LTC), which came close to the annual maximum. If we draw an analogy with BCH, it was after the break up of a significant maximum that the upward dynamics began to accelerate (chart).
On the chart of LTCUSDT we can see an upward dynamic, a break-up of $106 can serve as a starting point to accelerate the up-trend. The nearest target is the level of $150.
Second, the continuing appetite for risk on the world stock platforms. A number of public companies have already fully recouped the decline of the last year, and some even updated their historical highs.
Trade plan
Buy LTC after a breakdown of $106;
Risk of 10% of equity for the deal;
Stop-loss $96;
Take profit $150.
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