Litecoin Entry Level

The daily chart of Litecoin still looks overbought and the market can drop lower. We should be very careful with all long positions now and use stop orders. Based on the 4H chart we can get a new trading opportunity. If the price bounces from 240.00 support level and breaks the downtrend line, it will be a signal that the market is going to move higher. For getting an additional signal confirming the continuation of the uptrend, we should wait for a breakout above the previous swing high and 300.00 resistance level. We can place pending orders for buy at 302.50 level with stop at 220.00 level. Profit targets can be 360.00 level for short term trading and 400.00 as the main level for fixing profit. Also the part of trade volume can be left for long run.