LTC Getting ready for pushing through $80 USD

Updated

Readjusting to "History Repeating itself" - Why?

1 - The volume is about 4 times the average (we have fuel!) than during consolidation (200K)
2 - RSI is similar to the previous spike in Sept!
3 - Timeframe similar so target of $82 to be reached by 10/17
4 - BTC has more demand (buy) than supply (sell) as storm is passing: LTC has the reversed - calm before the storm.

It is quite possible to reach near $100 this week if volume increases by 2 fold (around 1.6M) from its current level. Also, LTC is a favorite of China and will lift ban on 10/19 so we may have a double burst and could hit $160...

I am expecting a pull back between 10/17 and 10/19 before the second burst (whales will make room for new entries from China...) so I am positioning 50% of my holdings on this dip selling @ $100 and buy @ $75. If you go long, I recommend to buy now and to hold until the peak of 10/19 then sell all to buy again around the $65-70 support.

I will clean up my TA this week as we get closer to this reality.

PS - I am realizing that long term projections are difficult with crypto because of so many untraditional variables & news, so I think we should have a flexible plan in the short time to be revamped every 8 to 12 hours.

Lastly, LTC behavior is distancing itself from BTC: our little baby has grown up to be its own master!

Cheers

Note

the date of the second burst may be sooner than 10/19 - but 10/18. Cheers

Note

Scratch LTC being its own master. It looks like at a given volume, all main cryptos (BTC, ETH, LTC) behave the same. Right now they are acting like triplets.

Note

Well - many confusing news (and speakers) today. 1 hr on LTC showing sideways with RSI at 50, MACD is flat, volume is only 2x the past trend (400K). We are stuck around 65 until new markets play in (Asian, Europe) - this US market is FUD!

Cancelled all my sell orders and will hold until we push through 70. If volume reaches 1M then will sell 50% at $75 and wait for a rebound to $65 then buy. After will wait for the next target at $82.

Play safe!

Note

Bought at $63.5 on the pull back. Reaching for 72-78 now.

Trade closed: target reached

bought at $59.75. Holding to sell at $72

jpfortin

Also on:

Related publications

LTC Potential reversal

by jpfortin

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.