I have updated the charts on LTC to more of what i am looking at but i want to drill down a little more with my strategy.
First, I want you all to keep this in mind. We could be going down more before going up. Which is fine for the strategy I will be implementing. If you look at the daily chart, we could very well have more downside.
On the smaller time frames we are getting divergences, MACD's crossing and some patterns like this potential bull flag forming that could drive it up. Outlined on the chart above.
It's important to keep the POTENTIAL larger picture in mind, because for this strategy you have to. I am telling you what I am doing, which is laddering buys, very deep on these pairs martingale style to play these bounces. If you have been reading my posts, you know I have been saying btc has the potential to go down to 4k. that means LTC could be going down past 100.
In the interim, we'll be targetting ltc 130 area for our first TP and the 140 for our second.
This strategy will prevent major loses and allow me to play bounces as they come. Please read up on the martingale strategy if you have not.
Happy Trading,
-Sherem
First, I want you all to keep this in mind. We could be going down more before going up. Which is fine for the strategy I will be implementing. If you look at the daily chart, we could very well have more downside.
On the smaller time frames we are getting divergences, MACD's crossing and some patterns like this potential bull flag forming that could drive it up. Outlined on the chart above.
It's important to keep the POTENTIAL larger picture in mind, because for this strategy you have to. I am telling you what I am doing, which is laddering buys, very deep on these pairs martingale style to play these bounces. If you have been reading my posts, you know I have been saying btc has the potential to go down to 4k. that means LTC could be going down past 100.
In the interim, we'll be targetting ltc 130 area for our first TP and the 140 for our second.
This strategy will prevent major loses and allow me to play bounces as they come. Please read up on the martingale strategy if you have not.
Happy Trading,
-Sherem
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and if my martingale strategies and ideas are supporting your trading, please let me know with that like button.
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If we zoom in, LTC also looking good
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While LTC on the other hand has pretty cleanly broken the bull flag and is moving down. This $115 support/trend line area needs to hold as support.
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If anyone is looking for more detail with how I trade with my martingale strategy, I did a write up on it -
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LTC is forming this wedge like flag, not as powerful looking as btc or eth, but still there it appears.
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Moving up, we break this 121 level and we are moving up. Looking good
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Still haven't broken this 121 and we are just in this wedge pattern still.
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Everyone should be in profit at this point whether your entry was at that support point I identified at $111 or higher at $119.
LTC broke this 121 which is the first sign that it will break higher. We also have these other pairs breaking higher which is a great sign. To fully confirm this move we need a break of 125. Once we break that we should move higher to at least 130 and then 140. the 140 area is the first area I will be targetting to get out. There are 2 major trendlines and it's not really certain which one will be more relevant in this scenario.
LTC broke this 121 which is the first sign that it will break higher. We also have these other pairs breaking higher which is a great sign. To fully confirm this move we need a break of 125. Once we break that we should move higher to at least 130 and then 140. the 140 area is the first area I will be targetting to get out. There are 2 major trendlines and it's not really certain which one will be more relevant in this scenario.
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Solid break of this 124-125 area. Daily MACD just crossed, it looks like it's just coming back for it's retrace to the support point before another move up.
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chart update -
