Updated

LTC - Make it or break it

Macro rising wedge. Close to macro 0.5 correction.

Breakdown is very dangerous for bulls. Invalidation means bull market to me.

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You think this chart is hard to short? They can make it harder.

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So you see a macro bearish structure. It's actually multiple but I'm focusing on this one right now. You have a nice potential of 3-4x in case of an invalidation.

Macro environment is still bearish. You don't have the FED on your side like previous bull runs. There are some believers but we have some leading indicators that shows you won't have that soon enough. I don't wanna go into details of macro but TA clearly says you sell on a macro perspective. My side is clear.

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LTC/BTC beautiful:

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This top is so beautiful I can't stop looking. Would be a shame if it fails :D Follow the support line on the daily chart.

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What if the dollar pair does the same?

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And it's not like end of the world automatically. It can do this afterwards.

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In fact, it would be better for the bull case if it does this before touching 109.

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Daily close below the support but there is this falling wedge.

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This would be the real death sentence. Imagine a distribution range 6+ months. It would be disgusting.

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Or this range is enough to send it down. I'm not sure. Very possible considering the whole move fits into a rising wedge.

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I usually build big positions over a long time. But I didn't touch this position since the initial entry a month ago @86.5. Until today. 90.6 new average :) Wrong above 110. We will see.

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There is this above 110. I mean imagine looking at this chart and thinking 'Ok I will buy this coin because there is room until here.' Even if you are bullish on crypto there are much better options right now.

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🫡

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Trend is strong here.

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The double bottom is important but I believe it will go lower.

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My interest with LTC/BTC is not just because of my LTC trade. I'm interested with this chart because of the correlation with the bottom.

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There may be many examples of topping BTC pairs when BTC bottomed. But the reactions of this pair to both July dip and November dip is quick and clean.

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You can say the rounding top has already did its job. But my next target is this. The trend is strong. Bounce and continuation is very likely. Then range at the target and decide what's next.

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Or bottom here. We will have to see.

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Strongly bearish.

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See. Simple retest.

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LTC/BTC is there. We might see some type of consolidation for the next leg down.

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This might hold.

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Smooth.

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My bias flip levels are simple:

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LTC loves 100-week EMA.

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BTC pair 0.5 retracement done. Dollar pair still doesn't know what to do.

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Pfff it's boring. Do something.

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BTC pair is also butchered with this BTC dump.

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I've reduced my short size ~30% @86.66.

Trade closed manually

Closed short here. I will be looking for re-entry.

Trade active

I'm back in. 87.5 entry / 92.6 stop.

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I won't trade this one. No add, no move. If it stops, i'm out.

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My short close turned out to be a godly move btw :D It gave me more than enough to afford this new position.

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This outlook is scary as fuck. That's why I jumped back in short at 87.5.

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It's not even mid-week yet. Let's see how this candle will end up. I really wanna know.

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Wtf is my accuracy with this one :D Still very dangerous look btw.

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Moved my stop to my re-entry level. 87.6.

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This is a decent FW. It should cause at least a fakeout.

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But overall this looks like a correction to the dump. So still bearish.

Trade closed: stop reached

I am out. For now at least.

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Sounds crazy but I'd be happy to get back in +$140 :D

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I believe it shouldn't go below this. I will try a long with a tight stop.

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Roughly, 80-85 should be the support. Or it's bad.

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This chart has become much more harder to read for me. I can't help but thinking 120s and 140s are the targets but it's not easy.

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Because I'm still interested in this pattern. This is not something I wanna buy.

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This a bad monthly start.

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This looks bad again. But I have enough shorts.

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Time to pay attention.

UnknownUnicorn17387766

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UnknownUnicorn17387766