The chart says it all. I expect to keep climbing above but way faster. Next few days I would like to see Double top of current formation.
In my general analysis it is target #2. This tagget is where "Short" market get more attractive prices.
Concerns:
1. BTC is about to do double top ~12,000 USD. This could lead to more selling pressure in short term.
2. Other indexes like SPX is near double top formation. Many BTC bots and traders link their trades to this index.
3. LTCUSD and LTCBTC have huge Bull Pattern which in long term seems as reasonable risk to keep holding.
In my general analysis it is target #2. This tagget is where "Short" market get more attractive prices.
Concerns:
1. BTC is about to do double top ~12,000 USD. This could lead to more selling pressure in short term.
2. Other indexes like SPX is near double top formation. Many BTC bots and traders link their trades to this index.
3. LTCUSD and LTCBTC have huge Bull Pattern which in long term seems as reasonable risk to keep holding.
Comment:
As expected LTC is in trend and made a big step on having resistance on 60 USD! Remember this zone and have it in your map.
A lesson for me again and again: The only thing which is hard to put on analysis is timing.
As expected LTC is in trend and made a big step on having resistance on 60 USD! Remember this zone and have it in your map.
A lesson for me again and again: The only thing which is hard to put on analysis is timing.
Trade active:
TradeActive - Entry 60 USD
SL - 58 USD
Target - 68 USD
SL - 58 USD
Target - 68 USD
Comment:
I want also to put my comment why I put trade active and what are my concerns regarding whether this trade have chance to succeed or fail.
1. This is the first retrace after breaking the latest structure. I expect rather to be bought up fast. 60 USD is very significant support line. I would put my bet on long side with SL of course :)
2. The only concern in my opinion is what BTC is going to do.
3. SPX is also at double top. Many traders use it as benchmark.
1. This is the first retrace after breaking the latest structure. I expect rather to be bought up fast. 60 USD is very significant support line. I would put my bet on long side with SL of course :)
2. The only concern in my opinion is what BTC is going to do.
3. SPX is also at double top. Many traders use it as benchmark.
Trade closed: stop reached
Let's monitor the price action for trade setup. So far, there is no place to trade with high expectation.