LTC -I identified this recent top - Now, the slow march down LTC
Updated
The thing to realize here is we are in a bear market. There are few reasons to say that we are at the bottom at this point.
Technically here are some major bearish indicators on the daily chart:
1. RSI is negative and no signs of divergence or bottoming
2. Overall down trend.
3. MACD just turned down and going into negative territory
On the smaller time frames, things are starting to fall in line for a down move which means we will get a further push to the down side. As i am writing this, LTC is breaking this short term trend line, which would indicate a fall to at least 167 area.
At this point, I will be playing any bounces as they move down. I would look for a minor bounce at these recent lows at 167 and serious support at the 150 area. I will not be putting buys in at 167 as I feel the bounce off of there will be minimal. I will be looking to put buys in just above 150 and in the 110-120 area.
I have outlined what I think is the highest probability move at this point. As always, MAKE SURE YOU MARTINGALE your buys. If this thing starts running you want to be able to have options to buy in lower. Read up on the strategy if you have not already. We already made some scalps while this thing has been moving down.
Don't stress, don't use leverage and pick your points!!
-Sherem
My call identifying the LTC top -
Longer post identifying the buy zones -
Technically here are some major bearish indicators on the daily chart:
1. RSI is negative and no signs of divergence or bottoming
2. Overall down trend.
3. MACD just turned down and going into negative territory
On the smaller time frames, things are starting to fall in line for a down move which means we will get a further push to the down side. As i am writing this, LTC is breaking this short term trend line, which would indicate a fall to at least 167 area.
At this point, I will be playing any bounces as they move down. I would look for a minor bounce at these recent lows at 167 and serious support at the 150 area. I will not be putting buys in at 167 as I feel the bounce off of there will be minimal. I will be looking to put buys in just above 150 and in the 110-120 area.
I have outlined what I think is the highest probability move at this point. As always, MAKE SURE YOU MARTINGALE your buys. If this thing starts running you want to be able to have options to buy in lower. Read up on the strategy if you have not already. We already made some scalps while this thing has been moving down.
Don't stress, don't use leverage and pick your points!!
-Sherem
My call identifying the LTC top -
Longer post identifying the buy zones -
Trade active
LTC 1st martingale active from 163. Sell target in place in the low 180's. Keep in mind, this thing could push down further and fast. Other buys still in place down to the 110-120 area.
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