LitecoinShort
Ltc with a stronger rebound, but will we continue lower?
Updated
Position: Bearish
What's interesting about LTC right now is that it's rebound off the $100 support line was far greater than any of it's peers. I still prefer Ether over LTC for a trade, but I can't ignore how good of rebound that was. It's forming a similar pattern, a large descending triangle with major support at the $100 mark. Maybe all that support was coming in because of the rumors of Charlie? Maybe old news of litecion being used as payment? Who knows.
If you want to be more on the aggressive side you can try to enter in just above $130. For now, my comfort level is to be a little more conservative since my large trade is set with Ether at the moment, so I won't be looking to enter in until it hits just above $100. I am also employing a mini martingale and keeping some money on the sidelines to enter just above $75 in case it goes down there. It's not nearly as staggered as my Ether trades are as i think it's slighlty more predictable and I think a double bottom is more probable here with LTC then it is with Ether or BTC at this point, but I manage risk not predictions, so that is why I am keeping some money on the sidelines to enter more if it goes lower. Exit points will be the upwards trendline or possibly above if it breaks, we'll have to see.
Happy Trading. This is not financial advice, I am just sharing what i am doing, take it for what you will. Don't stress, pick your points and don't use leverage.
-Sherem
What's interesting about LTC right now is that it's rebound off the $100 support line was far greater than any of it's peers. I still prefer Ether over LTC for a trade, but I can't ignore how good of rebound that was. It's forming a similar pattern, a large descending triangle with major support at the $100 mark. Maybe all that support was coming in because of the rumors of Charlie? Maybe old news of litecion being used as payment? Who knows.
If you want to be more on the aggressive side you can try to enter in just above $130. For now, my comfort level is to be a little more conservative since my large trade is set with Ether at the moment, so I won't be looking to enter in until it hits just above $100. I am also employing a mini martingale and keeping some money on the sidelines to enter just above $75 in case it goes down there. It's not nearly as staggered as my Ether trades are as i think it's slighlty more predictable and I think a double bottom is more probable here with LTC then it is with Ether or BTC at this point, but I manage risk not predictions, so that is why I am keeping some money on the sidelines to enter more if it goes lower. Exit points will be the upwards trendline or possibly above if it breaks, we'll have to see.
Happy Trading. This is not financial advice, I am just sharing what i am doing, take it for what you will. Don't stress, pick your points and don't use leverage.
-Sherem
Order cancelled
Never hit targets, but had a good rebound from the 110 area, if you entered 130 it would have been a nice gain
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