Day Trading: Litecoin could provide a short-term buying opportunity.

When I am not passing the time re-watching matches of inspirational wins by Man United you will find me looking for scalps in the crypto market - catching valuable retracements as soon as they happen.

I think I have only shared my charts once in my 3 years on the Steem Hive blockchain.

So, lets get right into it.

Litecoin has been going under the radar for a while now. I have been watching it pump from $50 till it cracked the $100 mark. I don't know much about the project or the people behind it. All I know is that it has been around for a while now.

However, in terms of exposure I rank LTC 3rd behind Bitcoin and Ethereum.

Today I noticed that LTC has been holding a support area around $124. You can see that price has tested this are thrice since December 26, 2020.

That tells me bulls are accumulating LTC around this area of support.

Now, there is no denying that LTC is borrowing a bit of bullishness from Bitcoin. That could have an impact on this trade if for some reason the bulls dumped BTC at this prices.

However, I already have two trades that I had set to trigger around this area of support and I have set my take profit around the $145 mark.

The profit from this trade will go into my next Hive power-up as I go for my target of 10,000 Hive Power this year.

I am hoping to achieve that in Q1 before the bull market comes to an end.

Finally, I would love to hear some alternative thoughts on this trade. I can already see someone drawing a wedge!

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