So i sold and bought back due to the low momentum. The areas are highlighted with the red then green circle. Im trying to capture a short term bounce for now with cash. Once LTC/USD stabilizes, I will go back to trade LTC/BTC.
LTC might not be done consolidating. There could be one more down leg.
Do to the increase in volume, I bought back.
There was that bounce off 205, where buyers had their knife catching gloves on.
Unless buyers start stepping in; keeping the price above $200, LTC might have a little more consolidation.
I just drew a projection. That is a 60% probability target. It is also in line with the accending wedge.
Good luck all. and thanks for your support and comments.
Trade closed: stop reached
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So LTC didn't make it to my second target. It made it to the first target of 212.60 and moved up a little more. I moved my stop up in case of a steep decline, still dealing in USD$. I was stopped out at 211.99 and looking to re enter. It was a profitable trade but im looking to make more LTC not USDs. Still... you got to take what the market gives you. Next area of support is 199.60. I will be entering 1/3 position with a tight stop. If it crosses 212 and move up again, it will be considered a break-out of the structure. For now, I did take a couple trade but sitting in cash for the most part.
Thank you and good luck all.
Trade active
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Got to love cryptos. 12 hours later, targets get hit. I refilled a full solid position at 208 - 206. THere were some big orders and algos moving around but they were trying to get filled, i just stay in front of them. Placed my orders with all my USD, i wake up and we are soaring. The breakout has happened now that support is above 212. Stops are again at 211.99. I trade short time frames like 3 and 15 min. With BTC breaking out, and BCH I'll bet trading between the pairs and not trade for USD.
Thanks for reading, Ill be posting the LTC/BTC and BCH/BTC charts in a bit. ... I just sold LTC for USD to buy BCH, Stay tuned.