The market gives us a trend reversal signal one more time. The bearish divergence, the possible double top chart pattern and the overbought market tell us about correction movement to 13000.00 level at least. This support zone is formed by SMA100 and the support level and it can be good for getting new buy signals. But what if the market ignores the trend reversal signal and moves to new highs? We had the similar situations and we must be ready to see the same price movements again. If so, we can place pending orders for buy above 17200.00 level. The market will have to break the downtrend line from the 1H time frame and move above the resistance level. If the market can do this, we'll get confirmation of further upward movement. Buying based on a breakout above the downtrend line seems rather risky trade, because the resistance level can stop and reverse the market. It will be better to buy between 13000.00 and 10000.00 support levels with profit targets at 17000.00 and 20000.00 levels. Trying to make more profit, don't forget about proper risk managements. And also don't forget to make your own research before doing anything in this market.
I am interested in buying few LTC (Current price on bitfinex is 294 usd) do you think now is the right time. or should I wait more. Or which other currency should I buy today.
Thanks
Goldxer
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@zahidax83a, LTC has had it's initial crazy spike like so many other cryptos. The only question now is how far will its pullback be? If you haven't studied charts, you need to, in order to trade these cryptos:
goldprice.org/cryptocurrency-price/litecoin-price
mccf
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Please add Updates to your posts. You have posted this one 11 hrs ago. What is the update now ?
JN9797
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Thanks for this the divergence seems quite significant in the chart.. Will money rotate back to LTC if BTC gets bearish? ETH is still going strong, bull flag on LTC, bearish indicator on BTC.... anyone have any thoughts?
milanjelic
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Dont trade at these levels guys. It's very risky. Wales are holding their share and dont wanna let it go, so they are droping the alts, while support levels are holding btc artificaly, but it will go down to 11.700. It will try to stabilize around 14.000, but it wont make it
webmi
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@milanjelic, Never ever to 11k,... everybody is saying that since 5k! King is just a king. Get over it
Sixboost
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@webmi, while you're optimism is to be commended, if you think this market is going up forever you are delusional, and the sooner you learn to plan for the day it does reverse the better. I see a lot of people getting absolutely rekt when BTC finally crashes because you'll all have these high hopes it will be back to a new high by tomorrow like it always is. Check the daily chart, even on the log chart its starting to go parabolic, on the non log its absolutely insanely parabolic. But like everything trade at your own risk:)
Conner-swagger35
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@Sixboost, what's going to pass the King? Bcash? ETH? LTC?
Sixboost
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@Conner-swagger35, No one, I'm not bearish or skeptical on BTC, it just can't go up forever. When it has a true correction, its coming down 30-40, maybe 50% depending how high it gets and meeting up with the long term trend line. People will get rekt, but in the long run it will be the best thing for the crypto world. Continuing up at this rate will only further bring weight to the bubble theory, then it will be who wants to play a game of catching the falling knife.
webmi
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@Sixboost, I am not saying that BTC will go up for ever! Hope not,... Hope to make money shorting it! But TA is no good with the KING,... when the KING will crash,... TA will see not a f... think!
I am interested in buying few LTC (Current price on bitfinex is 294 usd) do you think now is the right time. or should I wait more. Or which other currency should I buy today.
Thanks