Here is my analysis for November. I will be the first to say that I am 95% sure there will be a hiccup along the way. Who can ever predict SegWit2x being canceled and the Bitcoin Classic Dev's giving up on the project and Bitcoin Cash reigning as upcoming king!?! Anyways let's get to the goodies...
"LTC will hit $61 tonight and there will be a battle between the bears and the bulls." Came from yesterday's analysis and it hit! We can expect prices to teeter between $58-61.5 for the rest of 11/11. I also mentioned that expect dips to $58 which happened early this morning. This is the most challenging staging ground, formulating the launch pad up. Try to average out your costs when you are entering here. Personally, I was able to get in on the dip yesterday but as a sign of faith, I have also purchased coins at $60.8. Pennis won't kill you in the long run. I lost a lot of opportunities over nickles! Which cost me hundreds.
The sell wall at $62 will be our first challenge and I can see us hitting into $64 range by the end of the weekend. After this point, there will be a back and forth in price consolidation. As more funds cool from Bitcoin Cash upward run we can hopefully expect a more sentiment towards $66, this will take a couple days. We have buyers sitting on the market between $58-54, they are slowly but surely moving up their limit price. Their buying power will translate to a run once see some strong purchase and pressure which will help elevate the price, break barriers, and onward to our first target point of $66.
Long-term investor: If you aren't too picky about your buy-in range feel free to purchase sub $61 -55. Take profits at $70-75 in November. $80-90 hopefully by years end.
Short-term players: Buy in close to $60 or below. Hold through the small potential dips to $58. Sell @66 and follow the retrace back to $63-62. Buyback in and sell at $72-75. The issue why we aren't pushing the price through the roof is the plethora of sell walls that are keeping the margins tight on LTC. Once investors start believing in the long-term value of LTC the sell walls will move at higher price point.. it allows more flexibility and to push up.
Timeframe: End of November.
Note: On Chart the blue lines show my predicted trading price range. Sorry its nt to scale!
I plan on continually updating on this analysis for the month of November. If you guys can help me keep it on the post popular page of LTC that would help me from creating too many charts and TA"s. I look forward to everyone's opinions and comments. I highly encourage discussions and even disagreements...it opens up more paths to fruitful discussions and in the right setting alleviates uncertainty. Remember trading and investing is all psychological. Don't run it with emotions and greed. Be happy with your gains and be happy when you cut your losses. Stick to your guts and it will always pay off in the long run.
Anyways, thanks for letting a 24 -year-old kid get his first TA on the spotlight! Wishing you all a great Veterans Day weekend. Grateful for all the men and women who sacrificed for my freedom!
WHOOT! my TA isn't a total bust on day one.11/11 Trading day proceeded as I thought it would. Thankfully it continued to trade within the range I set. Like i said hold through the small dips to $58. $62 and $63 targets were cleared yesterday which happened a lot quicker than I thought it would. However, there hasn't been a strong support level formulated. We can expect some sideways movements between $58-61 for a day or two. Sub $60 is a good buy in point -long.
LTC is slightly following BTC price movements. Expect a bullish momentum since there is a strong buying wall $55-58. Set your sells at a higher point. The reason why other coin's can move upward so quickly is that it doesn't have a $500,000 sell wall at every dollar point. If BTC starts rallying up we can see the push we need.
Also a lot of people have DM'd me...a constant denominator I have seen is...trading with emotions and expecting to turn fat profits. Once again, stay grounded in your beliefs. Be happy with small gains it adds up very quickly. I know some people are very successful at shorting. I personally have never shorted and cannot offer insight. I know when dips are coming and can estimate how far they would go...but I dont like to trade against a coin I believe long-term in. There are key moments where you can see an obvious near 100% shorting opportunities i.e. when dev's announced they are giving up on btc classic. Outside of those key indicators, I would not be a good resource due to my lack of experience. I will update this belief once I garner a bit more experience.
I think this analysis will hold strongly. I am still selling at $66. Buy the retrace...and onward to $75. Unless the market blows past $66 then I will shift my sentiment towards the $70's and 80's.
1) Market will hit a super bullish run while i sleep. (USA) to $64 and a dip $62 and an aggressive push past $65.
2) We will see a lul in price action as we consolidate in the $63-61.8 range.
What we need to get to $66: Big Boy BTC needs to cross beyond $7,000. There is a sell strong sell walls and resistance at $7,000. As for we can see BTC hitting $7,300-7,500 before a slight correction.
Keep up the posts!
I moved my sell points to $85, 95, 100 not kuch resisitance lines left