Taking us higher, highhhherr! LTC
Updated
My last post laid out a pretty clear strategy to pick up some LTC as it dipped down. If you are following me, I hope you got in and scooped up some of these prices as it fell and realized how effective employing a martingale strategy is. While my positions aren't as good as ETH, I still have a solid position in LTC that is profitable right now.
The first thing we need to realize is that we are in an overall bear market. Besides the spike down, maybe more evidenced by the cross in the weekly MACD. Could this be the bottom? Quite possible. We broke the major down trendline last time and we made a higher low and are starting to get a solid push to the upside. We are also kind of breaking this trendline at the moment of writing this, but nothing is confirmed quite yet
If it doesn't turn or stall right now, I think we are going to the 190-200 area at least before we get any sort of retrace or sign it's going to continue downward. it also happens that the 50 fib retracement coincides with the 190-200 area for a resistance point. We should get a retrace once we get up there.
Keep an eye on this level and this 190-200 area.
Happy Trading everyone. Don't stress, pick your points and don't use leverage.
-Sherem
Check out my last call with how I entered into LTC -
The first thing we need to realize is that we are in an overall bear market. Besides the spike down, maybe more evidenced by the cross in the weekly MACD. Could this be the bottom? Quite possible. We broke the major down trendline last time and we made a higher low and are starting to get a solid push to the upside. We are also kind of breaking this trendline at the moment of writing this, but nothing is confirmed quite yet
If it doesn't turn or stall right now, I think we are going to the 190-200 area at least before we get any sort of retrace or sign it's going to continue downward. it also happens that the 50 fib retracement coincides with the 190-200 area for a resistance point. We should get a retrace once we get up there.
Keep an eye on this level and this 190-200 area.
Happy Trading everyone. Don't stress, pick your points and don't use leverage.
-Sherem
Check out my last call with how I entered into LTC -
Note
We are hitting this 160-1 support and BTC still hasn't broken this 8500 level. If we don't get a solid rebound from these level, it's not a good sign.Note
Depending on where you got in with your positions, you might be profitable still. Looking to place a stop below 155 with all of this downward pressure.
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