Litecoin's bullish rally may soon be coming to an end. After carrying momentum into the new year and sustaining gains, it looks like the buyers have run out of momentum. As both price and rsi move into a classic head and shoulders pattern a reversal is looking likely. This is an easy opportunity to see major returns shorting
LTCUSD
. The pattern is broken if a new higher high is created when the right shoulder is forming. If the head and shoulders breaks to the upside, jump on the trend and trade the upswing. The easiest way to make money cryptocurrency trading is just playing the trends. Don't try to pick a reversal call. This is exactly how so many traders can quickly lose a lot of money.
If the head and shoulders remains in tact, be sure to take profits. NO TRADER HAS EVER GONE BROKE BY TAKING PROFITS. Something I stress to my members is the importance of safe and comfortable trading. Don't let a small losing position turn into a large losing position. Trades should only end in four ways. And each of these outcomes should be account for about 25% of all your closed positions. 1. A large gain. 2. A small gain. 3. No gain or loss (Throw away trade). 4. A small loss. The only key to trading success is not letting small losses turn large.
Support me by following me on Twitter if you are so inclined. Enjoy the rest of your week.
LTCUSD
. The pattern is broken if a new higher high is created when the right shoulder is forming. If the head and shoulders breaks to the upside, jump on the trend and trade the upswing. The easiest way to make money cryptocurrency trading is just playing the trends. Don't try to pick a reversal call. This is exactly how so many traders can quickly lose a lot of money. If the head and shoulders remains in tact, be sure to take profits. NO TRADER HAS EVER GONE BROKE BY TAKING PROFITS. Something I stress to my members is the importance of safe and comfortable trading. Don't let a small losing position turn into a large losing position. Trades should only end in four ways. And each of these outcomes should be account for about 25% of all your closed positions. 1. A large gain. 2. A small gain. 3. No gain or loss (Throw away trade). 4. A small loss. The only key to trading success is not letting small losses turn large.
Support me by following me on Twitter if you are so inclined. Enjoy the rest of your week.