If you have managed to not lose a dollar through this correction don’t read this thread as you already understand.
For those of you that have had difficulties in maintaining profits then I think its best you absorb the below.
First lets get the trade out of the way on what and where LTC is.
LTC history will repeat it self here, we have the same set up we had last month when BTC hit 6K.
You will see we are forming the same triangle as we had previously, now if you don't know what it means when forming a triangle its the sign of consolidation then the break will advance back in the same direction as current trend.
The breakout won’t happen until we are 2 thirds of the way down the triangle or right at the end near the apex. Here we are days away for this trade to develop nicely but we can also trade inside this triangle and profit.
Now see the triangle before, BTC took a dive to 6K and we broke low, this wasn't a change of trend it was just fear that caused the sell off from the etc dip but momentum remained and come back even stronger then before. Clearly we broke out the next day.
We will more then likely see the same thing happen with the current triangle we are trading inside now, but we will get a break low with the BTC dip then we will break out and hit our targets in the green lines.
Our current daily candle despite the downwards movement of BTC is still showing massive signals as you will see with the shadow below it. This looks strong.
momentum is up and all signs point to continue going up, however as you will see on past triangle when Btc sells off LTC will take a dip.
Ok now off to some important info on understanding your trading against BTC .
Currently we are looking at buying LTC what we have to remember is we are trading BTC against LTC so both charts need to be taken into consideration as BTC is the currency that goes against it. We trade pairs.
If LTC goes up 10% in value and BTC declines 10% in value even though you've accumulated more BTC your actual net worth is the same they have counteracted each other. When BTC bounces back yes this trade on LTC was worth making.
Why do alts crash when BTC dips?
If BTC is going down everyone will sell alts not because they are scared of the alt crashing but due to the FACT they want to sell their BTC into Fiat and rebuy the BTC 10, 20, 30, 50% lower then what they currently hold. Shorting BTC in current conditions can pay far better dividends then trading alts.
So if you have 1 BTC in your account invested into alts and you decide you want to short, then you must sell that Alt coin to get your BTC available to sell to Fiat.
You then sell your 1 BTC for 10K USD and but it back at $6K USD after doing this your 10K has now bought you 1.6BTC and your ready to come back and trade alts, so then you go back and trade the alt that was trending before you sold out, meaning the alt will come back stronger then before as everyone has more BTC to invest.
Look at LTC circled in blue on last 6K dip hundreds of bitcoins were sold on that candle then the day after thousands were put back in.
This applies to all trades and you must understand this so your not the weak hand that sells at the bottom of the dip then buys back in higher as this happens all the time. Lucky this does happen though as I profit from the greedy and weak so I should be thanking them. However I want you to join and profit from them as well.
2 options when trading Alts right now for when and if we see a 6K dip.
1. Hold through it and YES you come out not only fine on the other end but wealthier then when you began.
2. You sell now wait for the dip and rebuy later and short your alts and BTC .
BTC last dip went to 6K, the same day it traded back up to $7500 the day after was at $8500 this is nearly a 50% profit for investors by buying low in just 48 hours.
You have everyone now waiting for collecting that 50% in 48 hours but this time it will dip and bounce harder as they are ready they are greedy and want more then last time, because of this I am holding strong.
Within 2 weeks BTC went from 6K back to just under 12k producing 100% returns.
This will mean everyone has doubled their BTC and when this is poured back into alts we are going to be booming and making crazy profits. So lets sit back and enjoy and get ready to make some cash.
USD markets will strengthen over the next few days as everyone is selling Fast into USD and trading is like a drug for them they want it invested someone so they will trade alts with USD as the pair. Feel free to join them if your shorting, but I am holding.
$ Cash Is King $$ Thats why we are here! We all know it so don't fight it follow it
Let's focus on target 2 now.
Stop loss move to entry this Guarantees you profit I don't want to see anyone losing, Cash Is King let other people lose so we gain.
Let's advance to target 3, when we hit target 3 we move stop loss up again.
We guarantee ourselves profits on each movement, everyone will make profits when trading with me. If you ever get taken out at stop loss you won't be upset as your still in profit, this is how we trade.
Cash Is King! Let's make lots of it.
Just wanted to update this as i am headed out and we are nearly at target 3. So if we break triangle hold and move up stop loss if we don't sell at top. The candle that breaks the top also has to close over the top remember that.
We are still trading inside triangle and will wait for the break
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