What's up everyone, as I mentioned in my last post, I like LTC the most right now. It has shown the most strength since the bounce after the correction, and I think it is ready for a massive bull run. On the 4H notice the 2 tests of support at $188ish, and the third test it failed. I really thought earlier this week after the run-up toward $250, LTC was in for a massive run, but it has still shown it is going to follow BTC. I am looking for an entry in the green rectangle. If you notice the green rectangle shows us a few important things:
1. Support at both the 0.5 fib and the 0.618 fib, I believe this area hold, and all my orders are stacked in this area.
2. If you notice what I have circled and pointed to with the arrow, that the rectangle coincides with the last breakout.
Also, taking a look at RSI we are oversold now, and historically the bounce following an oversold has been enormous. The OBV is still trending down, but I am looking for confirmation here foremost before entering. (View trends in 1H & 15M to get an idea for OBV.)
I believe there will be a nice bounce in the area highlighted. I encourage everyone to exercise risk management, it may not reach this low, or it may not. No one really knows, we are dealing in possibilities. If you want to be profitable you must use risk management. Never lose more than you can afford. Happy trading!
1. Support at both the 0.5 fib and the 0.618 fib, I believe this area hold, and all my orders are stacked in this area.
2. If you notice what I have circled and pointed to with the arrow, that the rectangle coincides with the last breakout.
Also, taking a look at RSI we are oversold now, and historically the bounce following an oversold has been enormous. The OBV is still trending down, but I am looking for confirmation here foremost before entering. (View trends in 1H & 15M to get an idea for OBV.)
I believe there will be a nice bounce in the area highlighted. I encourage everyone to exercise risk management, it may not reach this low, or it may not. No one really knows, we are dealing in possibilities. If you want to be profitable you must use risk management. Never lose more than you can afford. Happy trading!
Comment:
The 4H candle closed above support on the Ichimoku, keep an eye out for a bull trap before a move lower. I will reevaluate my opinion if we close above the $206 mark.
Comment:
We have seen a great bounce, and if you got in on it I applaud you! However, the volume still has not been great. I think we retest the lows from last night. I entered into small positions in the $180s. I plan on selling those positions above $200 if I see a reversal pattern on the smaller time frames.
Comment:
The OBV gives me pause on this run up. I am nervous about this, and I think a pull back is inevitable. I would not buy right now, until we see some stronger volume.