Update on Apr.2 idea: "Soon it will be Litecoin's time to shine"
Updated
Check out my original idea here:
From previous idea:
My targets for Litecoin valuation in USD are based on FIB levels, and are done by comparing current fib extensions of both BTCUSD and LTCUSD to fib extensions in previous bull cycles. The LTC/ BTC chart also suggests these price targets.
In my opinion, LTCUSD might go above my marked targets if this move doesn't happen soon. The longer BTC keeps going higher while leaving LTC behind, the higher the price of LTC can go.
LTCUSD usually outperforms Bitcoin and makes parabolic moves in the last 2W candle of the bull cycle. I am suspecting we might have our top soon, and the LTC/ BTC price chart seems to agree with this. It is possible we go a little lower, but I think we are already in the beginning of the last phase of this cycle.
[/I]
There is a chance that we reach my main targets next week, IF we manage to break ATH soon.
Though, I think it is more likely we get another pullback. Either a small one where we will trade sideways below ATH, that last for 5-12 days, OR we get a sharp but quick pullback to shake out over-leveraged traders. Therefore, you probably should not increase your margin. Watch liq price, or monitor closely with stop loss.
Anyways, this trade has been very lucrative, and we still haven't had the real breakout yet. Once we get into price discovery phase - The 12h candles will look absolutely crazy. Remember to take your profits along the way. You might get a euphoric feeling and want to keep your position longer and longer, as it will seem there is no stopping the growth. DO NOT fall into this trap. We are already greedy with this trade, so remember to take your profits, and dont let yourself get too greedy and end up getting rekt.
If you went long with me sub 200, I would probably at least take a little bit profit around 450-500 level, just in case the rocket gets smashed down earlier than we expect.
Next price level I will take profit at is 600-635 area. At this point one should have taken enough profit that no matter what happens, one is still in profit.
Next price levels we should pay attention to ( potential profit taking ), are:
700-720 area and 870-900. The last target is right below the 4.236 fib extension (which lays at approx 1020usd), although at this point I should have exited, if not all, almost all of my position already. I would be surprised if we overshoot 1000USD by a lot with this next leg up.
KEEP AN EYE ON THE LTC/BTC CHART! This will be one of the important determining factors in which price target we are going to. IF BTC/USD stays at this price level, while LTC/USD keeps climbing, I HIGHLY DOUBT we will reach the highest targets. In this case it is smarter to sell a bigger portion of the position in the lower LTC/USD targets. If BTC/USD suddenly starts rallying soon, it will give more room for LTC/USD to grow.
I have added some dotted lines of potential important levels.
Good luck :)!
Not financial advice. I am not responsible for anyone else action. Do your own research.
Like this idea if you found it interesting, and please check out some of my other ideas.
From previous idea:
My targets for Litecoin valuation in USD are based on FIB levels, and are done by comparing current fib extensions of both BTCUSD and LTCUSD to fib extensions in previous bull cycles. The LTC/ BTC chart also suggests these price targets.
In my opinion, LTCUSD might go above my marked targets if this move doesn't happen soon. The longer BTC keeps going higher while leaving LTC behind, the higher the price of LTC can go.
LTCUSD usually outperforms Bitcoin and makes parabolic moves in the last 2W candle of the bull cycle. I am suspecting we might have our top soon, and the LTC/ BTC price chart seems to agree with this. It is possible we go a little lower, but I think we are already in the beginning of the last phase of this cycle.
[/I]
There is a chance that we reach my main targets next week, IF we manage to break ATH soon.
Though, I think it is more likely we get another pullback. Either a small one where we will trade sideways below ATH, that last for 5-12 days, OR we get a sharp but quick pullback to shake out over-leveraged traders. Therefore, you probably should not increase your margin. Watch liq price, or monitor closely with stop loss.
Anyways, this trade has been very lucrative, and we still haven't had the real breakout yet. Once we get into price discovery phase - The 12h candles will look absolutely crazy. Remember to take your profits along the way. You might get a euphoric feeling and want to keep your position longer and longer, as it will seem there is no stopping the growth. DO NOT fall into this trap. We are already greedy with this trade, so remember to take your profits, and dont let yourself get too greedy and end up getting rekt.
If you went long with me sub 200, I would probably at least take a little bit profit around 450-500 level, just in case the rocket gets smashed down earlier than we expect.
Next price level I will take profit at is 600-635 area. At this point one should have taken enough profit that no matter what happens, one is still in profit.
Next price levels we should pay attention to ( potential profit taking ), are:
700-720 area and 870-900. The last target is right below the 4.236 fib extension (which lays at approx 1020usd), although at this point I should have exited, if not all, almost all of my position already. I would be surprised if we overshoot 1000USD by a lot with this next leg up.
KEEP AN EYE ON THE LTC/BTC CHART! This will be one of the important determining factors in which price target we are going to. IF BTC/USD stays at this price level, while LTC/USD keeps climbing, I HIGHLY DOUBT we will reach the highest targets. In this case it is smarter to sell a bigger portion of the position in the lower LTC/USD targets. If BTC/USD suddenly starts rallying soon, it will give more room for LTC/USD to grow.
I have added some dotted lines of potential important levels.
Good luck :)!
Not financial advice. I am not responsible for anyone else action. Do your own research.
Like this idea if you found it interesting, and please check out some of my other ideas.
Comment
This idea is still on point. I think it is possible we get a deeper pullback than what I have drawn in my chart. If this happens I would watch test of 275-280, and if this breaks - 250 area.
I think it is about 50/50 chance of the bottom being in, and us testing the levels mentioned above.
Comment
I am not 100% convinced the bottom Is in yet, although we had a pullback close to my targets. Keep this in mind before you increase margin too much and end up getting rekt if we have another pullback.Comment
Okay, so I have been quite bearish the past couple of days. Didn't bother updating this idea in very much detail. I was calling for bottom for BTC at 36.5k. It hit 36.25k, so close enough. I had long orders from a little above 37k to 36.5k.
In MY opinion. BTC hit its bottom today at 36.25k. MAYBE, we can go down and retest 36.5 or test 36k. I feel confident that IF we are not going into an extended bear market with a long consolidation period, the bottom is in. If we break this level, I believe the odds of crypto to go into an extended bear market will be considerably higher, or at least a relatively long consolidation period at lower levels (similar to the long consolidation period in midst of the bull run that peaked in 2013).
This means that LTCUSD bottom is probably also already in. I do not think the alt coins that has been hyped up a lot recently will go back to parabolic gains just yet, but for Litecoin I see great things. I believe it will outperform BTC if we do continue the bull run from here.
I knew after we tested the 260 (257) levels earlier today that we would continue further down. I did not know how far LTCUSD would fall, but it fell basically perfect down to the lower thick channel trend line I have drawn in my chart, so this was ofc a level I was watching closely. I hope you guys bought the dip from this level, because if we are indeed going to go back to upward pressure, this is in my opinion the likely bottom. But hey, don't trade based on my advice THIS IS NOT FINANCIAL ADVICE. Im just a nut with a crystal ball.. At least use a stop loss at a level that would make my long idea invalid.
My crystal ball might have miscalculated just how big the pullback, that I predicted would happen, would be, and it seems this idea won't hit my final targets as early as I first thought, but it is STILL VALID. Just look at the LTC/BTC chart, it found support at an important level. The LTC/BTC chart will tell us if the idea would become invalid, follow it closely.
If BTC breaks the targets I have discussed, LTC/BTC chart will most likely break down also in my opinion. In this scenario, I am going out of the crypto market for a while. Silver is my main focus now, so be sure to check out my ideas on gold and silver.
Happy trading.
Comment
LOL that didn't take long. Ok so all my Stops got hit. Peace out boys. Hope you secured some profit as long as this run lasted.
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