LTCUSD
These are hard conditions to trade with traditional markets doing a major pullback alongside with bitcoin being bearish. It's often best to stay out if unclear, however there are numerous opportunities still to take safe trades provided you use tight SLs or buy into weakness and sell into strength.
Personally I do believe we indeed are very close to a trend reversal; hence i'm hesitant to short anything further unless btc 7.4k support level breaks. A short opportunity is only offered if price does breaks down.
It’s no surprise that blue chips typically lead the rallies during the bear markets and offer the most capital preservation safety due to higher liquidity. Thus it'll be a good idea to look into the big coins such as LTCUSD which depending bitcoin's moves can either do a small bullish retracement to complete the short term bullish patterns and break the bearish trend resistance. Alternatively it could go for a deeper retracement if bitcoin takes the bearish route to retest the lows. The deep retracement is likely to reset the entire cycle with a probabilistic chance of an immediate V-shaped recovery.
With a longer-term strategy it's suggested to dollar cost average once price hits the major support area and if price breaks through stop averaging in and see if price will close below either the past resistance or Weekly TDST (preference is based on how long-term you want the trade to be); if price does close below those levels - bearish continuation is likely after a retrace.
A shorter-term strategy would be to observe and buy the breakout of the downtrend and sell immediately into resistance.
Trade safe and good luck.
Personally I do believe we indeed are very close to a trend reversal; hence i'm hesitant to short anything further unless btc 7.4k support level breaks. A short opportunity is only offered if price does breaks down.
It’s no surprise that blue chips typically lead the rallies during the bear markets and offer the most capital preservation safety due to higher liquidity. Thus it'll be a good idea to look into the big coins such as LTCUSD which depending bitcoin's moves can either do a small bullish retracement to complete the short term bullish patterns and break the bearish trend resistance. Alternatively it could go for a deeper retracement if bitcoin takes the bearish route to retest the lows. The deep retracement is likely to reset the entire cycle with a probabilistic chance of an immediate V-shaped recovery.
With a longer-term strategy it's suggested to dollar cost average once price hits the major support area and if price breaks through stop averaging in and see if price will close below either the past resistance or Weekly TDST (preference is based on how long-term you want the trade to be); if price does close below those levels - bearish continuation is likely after a retrace.
A shorter-term strategy would be to observe and buy the breakout of the downtrend and sell immediately into resistance.
Trade safe and good luck.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.