BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTC is in a similiar spot as ETHUSD (on which I already made a post)

LTC is testing a major support right now.

And therefore it is deciding wether or not the correction has finished or not.

Either way we are not far away from the next Bullrun.

As I already stated in my "How To Trade ETH" post, I would advice you not to go all in at once but avergaging in on the way down.

What does this mean?
Well if you are trading the bigger swings like me, you are not interested in catching the exact bottom.
However, I use trailing stop losses in order to get as close to the bottom as possible.

"How to trade it:
And what I would advice you to do is not to go all in at once but averaging in.
I will buy some right now if it goes up awesome if not I am happy I can get more coins for an even cheaper price before we take off.
I use this strategy basically on all of my trades.
I average in on the way down and will take profits on the way up. (with rebuys at the corrections off the first and second wave)"
(From my last post/also holds true for LTC)

I will give more and more details, when I see that this is intersting for you.
Comment: As expected we fell through the major support.

The DMI is indicating that we are in a strong downtrend.

The next support line is at the $60 and if we break through that we will end up at the $40 level.

Which means even cheaper LTC for me.
Comment: In the hour chart you see how big this breakout it by looking at the DMI.

Strong, strong downtrend --> we will fall a while
Comment: When the market is bleeding I see an opportunity getting the coins I want for CHEAP before the next run.

So instead of being depressed I would advice you to imagine it is Black Friday ;)
Comment: So here we have a divergence indicating a weak downtrend.

In a downtrend, -DI should be rising when price goes down, but the -DI is falling.
Comment:
Comment: We bounced of the exact area I gave you:
The bottom is not priced yet. Eyes on the November low. Our short term outlook remains bearish:

Reply
Its over for litecoin, broke major support. Next stop sub $30.
Reply
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