As long as LTC and BTC can hold above the long term uptrend from Dec. 8th, we should see some positive momentum coming around the beginning of next month. I've opened a new long position at ~$118.77, failure to breach the 0.382 (~$122) retrace by the end of this month it is likely there will be one more fall to April lows of ~$110-115 hopefully not lower. This weekend will probably be uneventful, but I will be keeping an eye out for LTC getting close to that long term support at ~$112. The Stoch RSI is very oversold at these levels and has been for some time while price is ~10% below 8 and 14 MA, I'm fairly confident in this position and will be checking on it over the next few days to update any sentiment or changes to position.
This is merely an observation and my first published prediction, always do your own research while understanding risks. Thanks to anyone who reads this, and if you have suggestions as I start making these please feel share your opinions.
This is merely an observation and my first published prediction, always do your own research while understanding risks. Thanks to anyone who reads this, and if you have suggestions as I start making these please feel share your opinions.
Comment:
well the weekend was a bit disappointing. I shifted my stop to 110 when we started to fail at 117, glad that I did since we hit 112 right on the money. moving the stop was likely a bad idea, but I still feel we have strength from the long term support since we didn't blast through.
Still the same targets as before. One thing to note is that the weekly candle closed below the 50 day MA, so we certainly should be due for a reversal of the downtrend in the near future maybe this week?
Currently sitting at ~3% loss since open. Adding to position now could be dangerous as we might free fall if there's a break of ~112 would be best to have certainty this is the bottom.
O: 118.77
T1: ~129
T2: ~137
Stop: 110 ?
Still the same targets as before. One thing to note is that the weekly candle closed below the 50 day MA, so we certainly should be due for a reversal of the downtrend in the near future maybe this week?
Currently sitting at ~3% loss since open. Adding to position now could be dangerous as we might free fall if there's a break of ~112 would be best to have certainty this is the bottom.
O: 118.77
T1: ~129
T2: ~137
Stop: 110 ?
Comment:
110 is seeming to be a crucial point, it feels like I caught a falling knife :< LTC searching for a bottom. the daily stoch RSI has indicated a bullish divergence, but with lower lows this could be a false signal.
Comment:
We failed to breach 122 and maintain support. This implies that we aren't through testing the bottom. We're in a trade channel from 112-122 unless further breakdown. Holding this long position still, if BTCUSD drops below 7100 again I may make another addition to the long to help with current losses. The daily Stoch RSI is no longer over sold for the daily which either means: lower support than the market thought, or we're on the come up.
Comment:
Looks like we may not reach T2 after all. T1 is still a possibility.
Comment:
So far it looks as if it failed to breach T1 and the 0.382 retracement level (122) as of today. However, the market is signalling major bullish sentiment but until we breach one of the target prices I would be hesitant to buy back in just yet.
Comment:
Post trade analysis: Overestimated the strength of the gains. Approached T1, should have sold on signs of weakness at those levels. Still profitable trade, but could fine tune future trades by incorporating volume strength at Fib levels to determine strengths on pricing maybe?
T1: ~129
T2: ~137
Stop: 112