Cup & Handle Failing: Add to your LTC Bag
It appears the cup and handle we were anticipating didn't play out. Given the bearish divergence on across multiple indicators, I believe leverage traders will begin shorting LTC while its vulnerable. The next two support levels to watch are $125 and $110. If my previous BTC chart plays out (which it has so far), BTC will be making a new high. Once we hit $11.6 k, I believe LTC will dip to the first support level at $125. This is consistent with the support highlighted above in the BTC/LTC chart. We should roughly be at 0.011 at that point.
My Plan:
1) I've already converted LTC to BTC
2) Entered in a stop loss for BTC -- If BTC doesn't maintain its current pennant structure, everything gets slaughtered. This way I protect my USD gains.
3) Created a buy order around 0.011
4) Even if we go lower than 0.011 -- I'm ok with it because I've added to my LTC bag
5) Depending on how fast LTC breaks down and where it finds support, I may convert additional BTC to LTC -- Strong bullish sentiment overall, it could hit $160-170 on next break out
With the strategy outlined above I'll protect all the gains I've made in the last two weeks, but also have an opportunity to capitalize on potential moves up.
On a side note I'm also watching OMG and MONA for a potential break outs.
My Plan:
1) I've already converted LTC to BTC
2) Entered in a stop loss for BTC -- If BTC doesn't maintain its current pennant structure, everything gets slaughtered. This way I protect my USD gains.
3) Created a buy order around 0.011
4) Even if we go lower than 0.011 -- I'm ok with it because I've added to my LTC bag
5) Depending on how fast LTC breaks down and where it finds support, I may convert additional BTC to LTC -- Strong bullish sentiment overall, it could hit $160-170 on next break out
With the strategy outlined above I'll protect all the gains I've made in the last two weeks, but also have an opportunity to capitalize on potential moves up.
On a side note I'm also watching OMG and MONA for a potential break outs.
Comment:
LTC ended up holding stronger than I anticipated. However, if btc continues to rally we can still hit 0.011. I have changed my btc/ltc order yet.
Comment:
I haven't changed my btc/ltc order yet.*
Comment:
For now I cancelled my BTC/LTC order. The current rise has some room to run. We could see BTC/LTC break below 0.011.
Comment:
Converted some of my BTC back to LTC. Got in below 0.011. The rest is in cash for now. I'm hunting for alts now.