Litecoin / BitcoinShort
LTC BOOM: How to MAXIMIZE PROFIT
If you would like to be up to speed on all the indicators not mentioned please see my previous post from June 4th, 2019 (linked below).
Possibilities
It appears that LTC has developed a sturdy support line at 0.014 BTC (white line), previously a resistance line. THIS IS GREAT NEWS. LTC will likely go towards the 0.5 fib line next, we may see some major resistance here. In the event that this resistance is overcome we will most likely see a cup and handle formation appear with LTC jumping up towards the 1/1 gann ratio. I put a possibility of the initial curve in green. If the 0.5 resistance is not broken, there's only two ways to go, sideways or down, you might want to sell here. Now you may be noticing a lot of "may"s, "might"s, and "most likely"s...
Here are the issues
The RSI is super bearish. I'm not going to lie, I feel it; this is a big boom, and at this point I can feel the FUD. 5% in a bear market is always a "too good to be true" feeling. Also, there really is no solid support line close in range that comes next, this gives LTC a lot of room to fluctuate and lack of predictability: not good.
But...
This is crypto. We are going to see big bull runs, way bigger than 5%. It is reassuring that this is LTC, a coin with a reputation for rallying right before a BTC bull run. And despite the RSI, Crypto Compare lists LTC as 3rd in total USD volume, that's always something to consider.
My prediction
This is going to play out as a cup and handle, the first curve will follow the green line I drew roughly, sell here to be safe. If the resistance is broken at .01888 BTC, get ready for a legendary bull run, but I do not think it is likely. If you have bought: I wouldn't sell. If you haven't bought: you can, but prepare for a dip if you buy late, this seems like a good way to make 20% returns, but you have to be careful with your timing.
Possibilities
It appears that LTC has developed a sturdy support line at 0.014 BTC (white line), previously a resistance line. THIS IS GREAT NEWS. LTC will likely go towards the 0.5 fib line next, we may see some major resistance here. In the event that this resistance is overcome we will most likely see a cup and handle formation appear with LTC jumping up towards the 1/1 gann ratio. I put a possibility of the initial curve in green. If the 0.5 resistance is not broken, there's only two ways to go, sideways or down, you might want to sell here. Now you may be noticing a lot of "may"s, "might"s, and "most likely"s...
Here are the issues
The RSI is super bearish. I'm not going to lie, I feel it; this is a big boom, and at this point I can feel the FUD. 5% in a bear market is always a "too good to be true" feeling. Also, there really is no solid support line close in range that comes next, this gives LTC a lot of room to fluctuate and lack of predictability: not good.
But...
This is crypto. We are going to see big bull runs, way bigger than 5%. It is reassuring that this is LTC, a coin with a reputation for rallying right before a BTC bull run. And despite the RSI, Crypto Compare lists LTC as 3rd in total USD volume, that's always something to consider.
My prediction
This is going to play out as a cup and handle, the first curve will follow the green line I drew roughly, sell here to be safe. If the resistance is broken at .01888 BTC, get ready for a legendary bull run, but I do not think it is likely. If you have bought: I wouldn't sell. If you haven't bought: you can, but prepare for a dip if you buy late, this seems like a good way to make 20% returns, but you have to be careful with your timing.
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