Litecoin Daily Dose 3/18/19
What I had written Friday:
“Earlier I had shorted Litecoin around $60.60 which was a bad mistake. Stop loss was at $61.50 and I had failed to ignore a macro rising wedge that would have wicked an upper trend line at $64. That would have been a better short. I was eventually stopped out at $61.50 which honestly was just bad trading. A short here at $62.33 to about $56-$57 is not a bad trade in my opinion. A small position with a stop loss right above $64 is not bad considering we are expected to trade within a range of this rising wedge. The volume profile matches this analysis as well because every successive move up has decreasing volume.”
I’m just going to give an update on that position. So, I got a bit indecisive and decided to short at $62.50 and ended up closing at $60.00. I still expect the price to fake pump up to around the $68 range and then retrace heavy so a potential short is still in play. However, if Litecoin does drop, I am expecting the price to hit about $55-$57 before bouncing back up. The absolute stop for me to consider LTC to be bullish is if do not bounce at about $46. Only time will tell but for now, I am pretty happy for my last position on Litecoin which was about a 4% profit.
“Earlier I had shorted Litecoin around $60.60 which was a bad mistake. Stop loss was at $61.50 and I had failed to ignore a macro rising wedge that would have wicked an upper trend line at $64. That would have been a better short. I was eventually stopped out at $61.50 which honestly was just bad trading. A short here at $62.33 to about $56-$57 is not a bad trade in my opinion. A small position with a stop loss right above $64 is not bad considering we are expected to trade within a range of this rising wedge. The volume profile matches this analysis as well because every successive move up has decreasing volume.”
I’m just going to give an update on that position. So, I got a bit indecisive and decided to short at $62.50 and ended up closing at $60.00. I still expect the price to fake pump up to around the $68 range and then retrace heavy so a potential short is still in play. However, if Litecoin does drop, I am expecting the price to hit about $55-$57 before bouncing back up. The absolute stop for me to consider LTC to be bullish is if do not bounce at about $46. Only time will tell but for now, I am pretty happy for my last position on Litecoin which was about a 4% profit.
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