LTC is making higher highs, but find enormous downwards pressure. The bulls don't seem to be strong enough to push the price up, but at the same time no horizontal resistance can be found.
While LTC is still making higher highs, it can be very beneficial to buy the retracements. The higher highs and the lower highs usually describe an upwards trending asset.
There are two trading strategies that I want to discuss here. The first one relates to buying and selling frequently, and the second one to holding it for a longer time.
In the first strategy you can decide to buy all the local dips that form the higher low, and try to buy as low as possible. Then, as soon as the price goes slightly above the previous high you sell. This will allow you to get many trades in, all giving about 6-9% per trade currently on LTC. Stop losses should be placed below the previous low.
In the second strategy, you would wait for a retracement and simply hold. Since LTC is bullish overall, and we see that there is still a 37% upwards opportunity you can just hold until the next zone of horizontal resistance and sell it there.
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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
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Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well
Bdaqaid
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@Trading-Guru, I'm in my parabolic stage of learning Lol but I am still very much a rookie and I just wanted to say keep 'em coming because I am definitely learning by your style of posting your ideas--the written explanations on the charts are very help. Helping others is definitely a way to experience personal gratification and positive karmic energy, so keep it up!!
TheSignalyst
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no doubt! also watching price action closely on this one! thank you
Valerii_25
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Thanks for the explanation, I will learn to trade with you!!!
JaiHanumant
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by 2021 end this baby is heading to 500
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.