Yaaay for Litecoin. Right about now is when previous me would get tired of waiting on a move, sell, move into something else, and miss the move. Not this time.
1) See the head & shoulders pattern? Hindsight is so clear. Love it.
2) Down trend hasn’t broken
3) RSI says the market is fine where it’s at on this timeframe
4) That sure was a weak a** fast over slow cross on the MACD
What to do…
I don’t see any reason to worry about a long term position since we’re post-halving without much drama.
Price is way below the 50 SMA, which happens to be pointing down at the moment, so no rule-based justification to enter a long position. Having just been rejected at the 21 EMA isn’t bullish at all. The best thing we have going is *sort of a descending triangle, not a great one, so let’s see how it plays out. Downward break = watch out below and add to long term. Upward break = look for the pull back retest, enter, and to the moon.
Good luck.
1) See the head & shoulders pattern? Hindsight is so clear. Love it.
2) Down trend hasn’t broken
3) RSI says the market is fine where it’s at on this timeframe
4) That sure was a weak a** fast over slow cross on the MACD
What to do…
I don’t see any reason to worry about a long term position since we’re post-halving without much drama.
Price is way below the 50 SMA, which happens to be pointing down at the moment, so no rule-based justification to enter a long position. Having just been rejected at the 21 EMA isn’t bullish at all. The best thing we have going is *sort of a descending triangle, not a great one, so let’s see how it plays out. Downward break = watch out below and add to long term. Upward break = look for the pull back retest, enter, and to the moon.
Good luck.
Comment:
Well, descending triangle looks to be breaking depending on today’s close. Will track and post a new idea when buy signals show up. Conserve capital!