Sell on SegWit news

POLONIEX:LTCBTC   Litecoin / Bitcoin
We all should know how things work out in crypto-kingdom.
The composite man accumulates, the composite man unleashes hype, and the composite man dumps all during the run up and specially on hype peak.

SegWit hype is running over, it is now clear that it will be soon locked up and deployed. Miner support is overwhelming.

And we all should know too that anything will change neither upon SegWit activation nor even Lightning Network. Crypto use as a currency is almost zero yet, specially in altcoin space. So there won't suddenly appear tones of organic buyers trying to get some litoshis to make their internet buys.
It's all hype.

Moreover, now we start hearing those red signals comments all over the place: "Litecoin at 50 usd by weekend", "Litecoin at 100 usd by SegWit deployment"... That's usually means that reversal is approaching. That's how the market works, when everyone think they all gonna be rich soon without doubt, the end of the trend is near and the smart money is already leaving.

Technically we have a huge regular bearish divergence in daily and and big (yet to be confirmed) hidden bear div in weekly chart.

And it all happened at a resistance rejection. So this is basically an easy trade with high R/R.

Entry: ~0.0119
Targets: 0.0099 & 0.0076
SL: New highs (+0.013)

Good Luck and trade safe.

Personal sincere advice: If you are still buying LTC, be careful. Don't become the new generation of Litecoin bagholders, taking profits is always wise (at least enough to break even)
Comment: Short-term it could be breaking up, providing a potentially better entry.
Cancelled this short temporary on that trendline break for a tiny loss, looking for a better entry
Comment: A few hours to "segwit news". Be ready.
Comment: Target 1 reached.
Trade closed: stop reached: Stopped for a 9% loss.
But reached target one for a 17% profit.
So i get out of this trade with a total 8% profit.
Alts very strange nowadays..maybe because of BTC problems. It could be anything in short term but long term no question all alts will go down but maybe need 3-4 months.
Dont sell to soon boys. LTC has seen $20-30$ spikes in hours. Of course have your sell triggers ready, but don't sell 2 days 10 hours before a potential 50% spike. You'll end up panic buying back your positions and get rekt. Respect these words.
+2 Reply
Agree with the trade, but targets seem a bit agressive, who knows though. Im hoping for .0102, if we go lower great, because I have no doubt we will eventually be going higher.
bagofXMR btc_joe
@btc_joe, Thanks for sharing opinion, i value your insights a lot. I'll watch out carefully not to miss any potential profits because of too greedy targets.
+1 Reply
btc_joe bagofXMR
@bagofXMR, .099 seems possible, .0076 seems a stretch, but then again who knows, volatility is ltc's middle name : )
+1 Reply
btc_joe btc_joe
@btc_joe, seems .0102 was a good target, I played it well : ) Now we may get another new low after what looks like a nice little bull trap, I like your .0099 target this time around : )
bagofXMR btc_joe
@btc_joe, i missed the target for 0.0009 aka 1% damn, haha congrats to you. Let's see if we reach it now.
+1 Reply
Is this a margin trade you're talking about? I'm still pretty new to this
bagofXMR JoshThomas
@JoshThomas, I don't own any LTC, so yes this is a margin trade. Though my total position if totally filled will be equal to my collateral, so my leverage is just x1.
JoshThomas bagofXMR
@bagofXMR, mate your charts and crypto wisdom are spot on.. I literally would have bought just before segwit.
Do you think if the Bitcoin ETF got approved it still would have dumped at the announcement?
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