Anything below the green lines I consider accumulation, so I would buy under those lines, higher % if we hit the lower levels.
Anything between the green and purple lines I consider uptrend/downtrend. Not very good to buy in these zones because LTC is very volatile in this area.
Anything above the red lines I consider distribution, so I would sell above those lines, probably sell enough to break even and then let the profits ride while moving stop-losses up.
I need to abide by these rules so I don't lose money.
Onto the actual chart, we're gonna get a little different action than we're used to having. We haven't tested this long term down trend line with the 200 day moving average and a golden cross as backup. Looking further down the road, the long term uptrend line is converging with the long term down trend line in the beginning-middle of September. I personally think we will break out above this wedge - when specifically, I don't know, but when we do we can look for retests as entry points. To support this, when you see two red lines cross (trend line and resistance line) this is a very heavy area of resistance. On the contrary, wherever the green lines cross (trend line and support line) this is an area of heavy support. We can see that in both of the bottoms and tops over the past 2 years. I think that there is more support built at this point than resistance built and the first line of defense is the downtrend line so if that gets smashed I think it's off to the races.
If we break out of this down trend, the first bit of heavy resistance will be at that psychological $100 level.
If we break out, look for the retest of the down trend as support and use that as another signal that we will move up if we hold up.
Tell me if you think I'm dumb or a smarty pants
Anything between the green and purple lines I consider uptrend/downtrend. Not very good to buy in these zones because LTC is very volatile in this area.
Anything above the red lines I consider distribution, so I would sell above those lines, probably sell enough to break even and then let the profits ride while moving stop-losses up.
I need to abide by these rules so I don't lose money.
Onto the actual chart, we're gonna get a little different action than we're used to having. We haven't tested this long term down trend line with the 200 day moving average and a golden cross as backup. Looking further down the road, the long term uptrend line is converging with the long term down trend line in the beginning-middle of September. I personally think we will break out above this wedge - when specifically, I don't know, but when we do we can look for retests as entry points. To support this, when you see two red lines cross (trend line and resistance line) this is a very heavy area of resistance. On the contrary, wherever the green lines cross (trend line and support line) this is an area of heavy support. We can see that in both of the bottoms and tops over the past 2 years. I think that there is more support built at this point than resistance built and the first line of defense is the downtrend line so if that gets smashed I think it's off to the races.
If we break out of this down trend, the first bit of heavy resistance will be at that psychological $100 level.
If we break out, look for the retest of the down trend as support and use that as another signal that we will move up if we hold up.
Tell me if you think I'm dumb or a smarty pants
Comment:
LTC hit our buy zones, so I bought on the way down. I know this is an unusual situation with there being national emergencies, quarantines and such. Fear is at an all time high all around the world though. Be greedy when others are fearful. (Not financial advice just a good ol Buffet quote)
Comment:
starting to look eerily similar to the last run up to $150...
