LitecoinUpdated LTCUSD, Idea for entry and profits
Litecoin is a popular cryptocurrency that has been in a steady uptrend for some time. Charlie Lee, the creator of Litecoin, is now working on Litecoin full time, and looking to hire additional programmers. He recently participated in a large scale meeting in China to discuss upgrading Litecoin, getting it on all exchanges, and other ways of marketing it (which may have been somewhat overlooked by Western investors). Segwit was implemented successfully on LTC -0.18% . Smart contracts, and the lightning network are coming to LTC -0.18% . One day atomic swaps will be possible to trade BTC and LTC -0.18% against eachother without the exchange--a day traders dream, 0 trading fees going to a middle man exchange. For all these reasons, I am bullish on Litecoin and will continue to acquire.
On this chart I drew a simple pitchfork and have the Ichimoku cloud indicator on. Pitchfork appears to be holding for now. Idea for entry would be at the green "IN" sign, which is the Kijun of the daily Ichimoku cloud . Kijun usually provides a good entry.
Expecting the weekend sell off to continue for 1-2 more days and will be looking for the $41 USD entry (Coinbase) to step into litecoin. $40.50 Kraken. Will begin to put small buys in at 43 and below (Coinbase), and might put some very large buys in we happen to go under $40 USD (Coinbase). Most optimal and realistic entry seems to be $41. Will not be using a stop loss for this trade, buying to hold or sell at a more profitable level.
I am not a certified securities professional and I am not qualified to give a recommendation, nor am I giving a recommendation. Past performance is not indicative of future performance. Please perform your own due diligence or speak with your financial advisor before making any financial decisions.
On this chart I drew a simple pitchfork and have the Ichimoku cloud indicator on. Pitchfork appears to be holding for now. Idea for entry would be at the green "IN" sign, which is the Kijun of the daily Ichimoku cloud . Kijun usually provides a good entry.
Expecting the weekend sell off to continue for 1-2 more days and will be looking for the $41 USD entry (Coinbase) to step into litecoin. $40.50 Kraken. Will begin to put small buys in at 43 and below (Coinbase), and might put some very large buys in we happen to go under $40 USD (Coinbase). Most optimal and realistic entry seems to be $41. Will not be using a stop loss for this trade, buying to hold or sell at a more profitable level.
I am not a certified securities professional and I am not qualified to give a recommendation, nor am I giving a recommendation. Past performance is not indicative of future performance. Please perform your own due diligence or speak with your financial advisor before making any financial decisions.
Note
UPDATE: Price target hit and had plenty of time for an easy entry @ 42 or even high 41 on Coinbase/GDAX. For now it's safe to let it ride. Stop loss can be a candle close outside of pitchfork OR simply the bottom of the pitchfork if you are very worried. Let's see how it develops; possibility of pitchfork breaking down has to be taken into account. Bitcoin is in a bearish downtrend.
On the other hand, you can always take profit at 44+ if you are worried. Doesn't leave much profit to take, but it's a possibility depending on how you feel about the market.
I am not a certified securities professional and I am not qualified to give a recommendation, nor am I giving a recommendation. Past performance is not indicative of future performance. Please perform your own due diligence or speak with your financial advisor before making any financial decisions.
Note
Also have to watch out for a potential bear div forming. Signal is not too strong at this point so hopefully we won't have to worry about it. Take caution and watch out for a market crash.Trade closed: target reached
I'm going to go ahead and say take profits now. Plenty of opportunity over the last few days to get a good entry in at $41.50-$43 Coinbase. Even if you had a mediocre entry at $44, which was above my recommended price range, you can still close the trade for profit at the current price which is currently $46.Markets are not very good right now, so there is no need to chase big profits and potentially lose what little profit you have made. Stick to small, consistent gains in this market correction. The bear market, or market correction, could last for several months. But there will be lots of opportunities to make money along the way for short term bounce plays.
So focus on locking in profits without getting greedy and losing any money -- it's a genius strategy during this time.
Trade closed: target reached
Recommended entry: $41-43 Coinbase/GdaxEntry level reached (41.50 Coinbase/Gdax low)
Closing Trade: Currently $46 Coinbase/Gdax
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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.
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.