MarcPMarkets

LTCUSD: Resistance Levels Still In Play. Waiting For 114 Level.

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTCUSD             update: All of these coins are in a tough spot. They are in one of those situations where they may continue to rally just a little further. Usually they rally just enough to attract all of the anxious longs who could not hold out any longer. Once they are all in, the market now has enough gasoline for the potential selling momentum that can lead to the next bearish retrace.

In my earlier article on S.C., the point that I made about this market was that it is not in a good position to buy. With the 128 reversal zone boundary near and 138 resistance (.382 of recent bearish structure) there is only higher risk of retrace if price explores these areas.

Why buy near these short term highs when there is much better potential and probability at lower prices? The question is, how do we know the lower prices will we tested? We don't.

We only know two things: IF price goes back into the 114 area, that is a price we anticipate support. If price over reacts and tests the 109 level, then that is an even more attractive area to accumulate inventory and put on a swing trade.

Those are two scenarios that offer a better probability than the current situation. Remember consistent performance comes from planning ahead, and selecting opportunities that offer higher probability and better reward/risk. Since these opportunities are filtered by particular criteria, they are not frequent.

This is why we would rather miss moves than participate in random price action. Random may pay you now, but it will rob you in the long run.

At S.C., we employ a number of strategies to capitalize on sentiment and price momentum across many markets, not just the coins. Quiet markets are perfect for researching other instruments or strategies in preparation for the next opportunity. Check out our portfolios on S.C. to get a better idea of what I mean, and also a good reference for a starting point.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





Amazing! Could you explain please why you thought price would test the support again and not move higher ?
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I really don't know why you always want deep retraces. LTC found heavy support at 110 and moved back to 122. It then retested 115 and 117, found support both times and proceeded further. It now made an inverse HS and broke out upwards towards 128 which we agree is a resistance, so we are likely to see a retrace, but why 115? If the trend really changed, it should be finding support earlier around 120-123 where the inv HS neckline was.

I'm not saying it won't retrace and you are wrong, I just think you are acting exactly the same as what you criticize, greedy, and wanting too good of a position with as low a risk as possible. Remember, greed works both ways, not just when buying high, but also when trying to buy as low as possible. The day I stopped expecting the same obvious targets as everyone else is when i started to make money constantly. The market will almost never do what the herd expects and i'm sorry Mark, but 109-115 is exactly what the herd wants because they missed it.

Again, i'm not saying it won't go back down there, it could, but there is nothing suggesting it. Each breakout has been backtested and found support so far, I'm sure you see it as well as I'm sure you'll be taking a swing even if it does not retrace fully retrace to 115.

+3 Reply
what is SC Marc? can I have the link?
Thank you.
AP
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Super_AKS arthurpham
@arthurpham, it is the website name(seeking cryptos). The link is given in his signature.
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