The general alt context is the one of a very strong correction. Some major cryptos broke (yet) historical support levels, LTCBTC -4.43% just broke the 0.010 line that supported the price since may. It confirms the Triple top pattern. The trade has, seen the context and the major break, an high probability of success. We well use the maximal amount of money allowed by our money management.
Black lines on the Charts represent the different magnet levels given by ichimoku (Use higher TF flattened SSB -0.22% levels), the -20% level is the target given by the Bulkowski rules for tripple top patter trading. We enter now as the break happened and add on pullbacks till 0.010 AND on rebreak lower. This alt counter rally is EXTREMELY strong. I see no or few pullback coming. Stop slightly above 0.010. The plan is to trade only this leg down for the moment. Trade risk reward is around 3.
We'll be cautious around 0.0084 as a resistance stands at this level.
Trade closed: stop reached
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Stopped by the BTG pullback.
Trade active
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Reentered Higher. Tighter stop.
Trade closed manually
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Closed on local reversal pattern break.
looking after a reopen signal after a possible 0.0092 break.
You have it, with hidden bear divs here and on most of the other alts charts. Still no confirmation of Alts being back. I consider this new entry as risky.
mightytrader
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@narushima, Do you mean that you consider your current short re-entry of LTC to be risky? Or do you mean that entering the market long here is risky? (and I understand that both long and short are risky ;)
This short reentry is risky, entering long makes no sense before confirmation of a reversal IMHO, the recent signals are 1. a longer trendline downwards break out (the 0.0100 horizontal level), 2. a pullback to the resistance level on hidden bearish divergence. These are downwards continuation signals.
The bitcoin gold bullshit is blurring the whole picture at the moment, and the market could go without decision for a time, that is why I state here that entering short ATM is risky. A safer way would be to wait for confirmations of the bearish continuation.
mightytrader
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@narushima, Yeah... Whales are taking over. The WHALES PUMPED this market to obscene levels. Now they are going to DUMP and blow us all out of the water. It seems like every month (or couple weeks...) is something new. First it was Bitcoin Fork #1... Then China. Now fork #2... Now fork #3....
NOTHING BUT KNAVERY AND GREEED!!
I think it's time for me to leave this market and go do penny stocks. AT LEAST that is regulated and they must clearly tell you of their scams in their SEC filings (of which most people won't bother to read; but it's all there). In cryptos... I'm constantly guessing and it's just a bunch of crap.
Whales can go blow everyone else out... But I think the days of 200% winners in a week are over. Last time I had that was SYS coin back in September... it was 300% winner in a couple weeks!
And this Tether PUMPing is a bunch of crap. Phil Potter just can't get enough cocaine and prostitutes... HE's addicted just like all those Wall St. scumbags... not enough to be a multi-millionaire... NO they have to be billionaires.
Same with that Roger Ver character... he makes his scam coin so everyone can enrich him and fund his adulterous lifestyle.
Donald Trump needs to issue a special task force and put these characters in jail for their Ponzi schemes. I know Putin starting to crack down on these ICO scammers.
MAGA all day!
And god bless! Thank you the detailed response! Like and favorite! =)
Thanks for the insight!