LTC sticking to my guns
Keep in mind this is my opinion only, not trading advice. These are just some thoughts running through my head
I have bounce back and forth between whether LTC is ready to take off or is that low I have suggested for a while now still in play (to min 133). Refer back to tradingview.com/chart/LTCUSD/lHwsZgCY-LTC-correction-just-as-expected/ posted April 25. Timing is not my best suite even though I've hit a few dramatic turns such as March 26, tradingview.com/chart/LTCUSD/gIz9fKB3-Critical-Update-ltc-and-all-markets/
Maybe the long sideways movement has replaced the decline I have been expecting. While I have been amiss on timing, my price targets have been fairly good. The last being my call for a peak near 166 was spot on this year and my more recent call for a peak near 156 happened on April 28 at 156.39. BTW, I sold early with smaller profits because I didn't stick to my analysis. But what about my call for a low of min 133? I have decided to stick to my guns. I may be wrong but that is where management of position is so important. Here is my reasoning for still looking for possible low at 133 or lower.
1. RSI new low as marked on the chart. Since RSI made a recent new low, I would expect a price low to be lower then the price on April 25th.
2. RSI resistance as marked by the retangle box. This area has shown to be where the market has turned down if there isn't enough buying.
3. Rising flag wedge. Usually bearish resulting in dramatic drop.
4. Declining volume as this wedge is rising
I can see LTC rising to the 151 area, but extreme caution is warranted. My final reason I still think a low at 133 or lower is possible is that I really don't think we have seen the market capitulation that one generally sees with major lows. It's a low that bears throw in the towel fearing the market is coing to collapse. We did not see that at the April lows. In fact myself and many others were caught off guard with the rally and new bull market. A few astute people I know did catch it. Bravo to them. Maybe this will be a repeat and I may be totally wrong. But until I am extremely cautious.
I have bounce back and forth between whether LTC is ready to take off or is that low I have suggested for a while now still in play (to min 133). Refer back to tradingview.com/chart/LTCUSD/lHwsZgCY-LTC-correction-just-as-expected/ posted April 25. Timing is not my best suite even though I've hit a few dramatic turns such as March 26, tradingview.com/chart/LTCUSD/gIz9fKB3-Critical-Update-ltc-and-all-markets/
Maybe the long sideways movement has replaced the decline I have been expecting. While I have been amiss on timing, my price targets have been fairly good. The last being my call for a peak near 166 was spot on this year and my more recent call for a peak near 156 happened on April 28 at 156.39. BTW, I sold early with smaller profits because I didn't stick to my analysis. But what about my call for a low of min 133? I have decided to stick to my guns. I may be wrong but that is where management of position is so important. Here is my reasoning for still looking for possible low at 133 or lower.
1. RSI new low as marked on the chart. Since RSI made a recent new low, I would expect a price low to be lower then the price on April 25th.
2. RSI resistance as marked by the retangle box. This area has shown to be where the market has turned down if there isn't enough buying.
3. Rising flag wedge. Usually bearish resulting in dramatic drop.
4. Declining volume as this wedge is rising
I can see LTC rising to the 151 area, but extreme caution is warranted. My final reason I still think a low at 133 or lower is possible is that I really don't think we have seen the market capitulation that one generally sees with major lows. It's a low that bears throw in the towel fearing the market is coing to collapse. We did not see that at the April lows. In fact myself and many others were caught off guard with the rally and new bull market. A few astute people I know did catch it. Bravo to them. Maybe this will be a repeat and I may be totally wrong. But until I am extremely cautious.
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.