LitecoinUpdated Will LTC lead the wolfpack again? Breakout or fakeout
Since the start of this year - LTC has been leading the wolf pack. I closed out my ETH swing trade to lock in profits earlier today for a good 35% gain, and has been expecting a pullback which has came. However, I missed the 7% bounce when it re-tested the support at 132 for a quick intra-day trade.
Now..where do we go from there? Been scanning through charts the past hour to look for any entry during this pullback and spotted this potential play.
The pullback today was quickly bought up. Now there is no point calling bottoms and tops, just trade what is in front of you. I am closely monitoring this on my watchlist for a breakout.
As you can see the chart also printed a correctional wave with the lower highs and lower lows. Better be cautious, and snipe!
Let me know what you think
Now..where do we go from there? Been scanning through charts the past hour to look for any entry during this pullback and spotted this potential play.
The pullback today was quickly bought up. Now there is no point calling bottoms and tops, just trade what is in front of you. I am closely monitoring this on my watchlist for a breakout.
As you can see the chart also printed a correctional wave with the lower highs and lower lows. Better be cautious, and snipe!
Let me know what you think
Note
Clarification: Lower highs and lower lows are only seen in the lower time frame. Hence not aligned with the daily, which has stronger weight on the trend.Note
Bought 1/3 at the lower range of the support, and just bought the break of the pennant triangle (slightly late as it has moved 5%). But no one can time it perfectly, hopefully it doesn't cost me later on.Trade closed manually
Profitable Trade closed early. Being cautious here. I realised my commentary had a typo ($132 has been based in AUD - I'm based in Australia, ops). Anyways..by count, this is the 5th wave.
The next big question is: is this a corrective wave B on a bigger timeframe, or is this just wave 1 of a new impulse. Either way, expecting a pullback after this fomo wave (i too am feeling a bit fomo - need to keep my emotions intact).
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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.