Litecoin looking to march down!

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Now that the 190 level has fallen, we should see it move down further to at least 150. My entry point of 171 was barely missed and it has bounced off that area pretty well. I am going to be moving my buy just slightly down in the high 160's since it most likely going to push through this 170 level at this juncture. I would imagine that we will get a strong bounce off the 150 area up to the 170 area, where I will look to take some profit if it does that. My last major area to watch is just above $100. If we start bottoming out it should happen just above around $110-120. This will be a good place to play for a bounce and potentially a longer term play to the upside. As always, make sure you use a Martingale strategy to go into this points if we get sharp drops.

Technically, we have a strong MACD cross on the day chart and RSI looking grim. On this 4 hour, we have MACD in negative territory and some RSI divergence which is keeping it up a bit. When the next wave hits, we will most likely see a move further down past this 170 level.

Martingale your points in, don't stress, don't use leverage and pick your points!

Happy Trading!

Check out my last analysis on LTC - Longer post -

Shorter -
Trade active: Per my post, my first martingale point was activated last night at 168, if you had any position go in at the 160's yours would have been too. This was the 1st martingale entry so it represented a small portion of the portfolio(like 10%ish) and I took some profit at 179 for a quick $11 scalp. I will be moving this entry point further down to the 162 area. If you don't want to sell, you can hold to see if it's the bottom, but I think it's going down. We are approaching the weekend so it might level off and oscillate a little. We might be able to play this 162 level again for another scalp.
Comment: Look for LTC to hit major resistance at this 190-200 area.
Comment: It rebounded well before this 160 level and no fill for me. If you did get filled, Look to take profits at this 190-200 level for a move down after the weekend is over. I will post another update tomorrow looking at that charts more in depth.
Ideas are divergent to other ideas published ! Interesting point of view thank you !
Thank you for this clear TA! May the gains be with you
+1 Reply
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