LTC, is still showing signs of strengh against the greenback, momentum towards the upside is still strong. We have good signs of new levels becoming support. And overall the performance is outstanding. Resistance is expected at the psycological level of 400 but not major. Keep holding until next Fib level. Remain calm if price drops after hitting $400 specially during Christmas time. Keep your cool and trade wisely.
Trade active
⋅
A small update....We are in a downward channel for the time being. Please bear in mind we are in choppy waters due to the crazy season. This added to the fact that the USD appreciates every year around this time give us the current movements. Keep the course to the D extension, be concerned if it doesn't support at $245 - $250. The outer trend line is still supporting, so, for the time being, we are golden.
Remember rule No.1 of trading. Keep to your plan and only change it if there is enough evidence and argumentation behind a decision. Don't listen to HYPE/FUD and never ever change your original plan because somebody in social media gave you a " hot tip".
Wise traders make money over time consistently. Lousy traders....don't.
Trade active
⋅
Third post-Christmas Update. Just to give my anxious viewers some insight. NOTHING CHANGES! Original set up is still in the green. Cardinal rule of Swing Trading. "The Trade will go your way as long as it doesn't take out the A" Major A still stands, we had a beautiful crown pattern (Head & Sholders) on the 22nd. that reversed the bearish momentum. Right now the waters are still due to the fact that there is no volume (look below at volume levels). I do not expect a strong push to either direction until Jan. The good news is that the new "C" moved to a better place (0.618) and held. Our original D still stands strong (er) at around $480 (+-10). Hope you had a great Christmas like we all did, and that this upcoming 2018 will bring you a lot of blessings.
Cheers.
CS
Trade active
⋅
Comment
⋅
I drew this 2 days ago forgot to post it, but the outer trendline is holding perfectly.
The original Post still STANDS PEOPLE!! we are not scalpers nor day traders. We are SWING TRADERS. and make money on each swing. Sometimes it happens faster than others. This trader is only proven to be great. Not only has it provided Us with good swings and entry opportunities it also has provided a time for LTC to consolidate. If you want crazy profits with crazy risk bet on alts, for serious traders diversify and hold good assets longer like LTC, and ETH. Both have been staedy climbers and yielded INCREDIBLE RETURNS, without any of the drawbacks of smaller assets. Rememeber if you opened this Trade with me you are trading with "free" money at this point, and it has already yielded more than 100%. We are looking on 300% initial investment again today. Keep holding until original extensions are hit, don't worry about the rest keep the course and you'll be more than fine. As long as the Long term trendline Holds you are GOLDEN. remember target 2 is at the original D of the second movement but corrected since the consolidation period. $400-$420 Should be the point to cash in for the second time. It is looking good folks.
Trade active
⋅
Trade active
⋅
People. We are still inside the AB boundary of the minor FIB (hourly). This AB movement is still ACTIVE, therefore until we break out of the boundary there is nothing to do! This one is one of the MAJOR COINS. you are supposed to HOLD it not play it like an ALT.
We are currently HOLDING. there are no signs of major moves either to the upside or downside.
Expect more consolidation throughout this month. Maybe we can see some growth by early FEB.
Things to be happy about?:
- Seems like the bearish momentum has been exhausted - We could be looking at the tip of the crown formation (still pending confirmation) for a reversal. -Bearish trendline (red line) was broken and currently moving upwards. -we are seeing higher lows counting from the AB boundary.
As always. If it ain't broken don't fix it. Just be patient. The price doesn't move at your pace.
Cheers.
CS
Trade active
⋅
Comment
⋅
ALright GUYS. TRADE IS STILL ACTIVE. We are not breaking the AB boundary to the upside, consolidation, and indecision have been the main drivers of LTC.
I do Bring some good Fundamental News, the 6th Charlie Lee, published this.
Meaning that we possibly going to see a soft fork. That would also mean lower txn fees, which could provide more LTC adoption.
Almost everyone I know is still holding to LTC. And I do recommend to stick to it for the time being. Remember never get attached to any asset, but this one shows promise even through this choppy times.
We are in the middle of Jan, so just wait and be patient.
Technically speaking there is not much to say. I took some licenses drawing this Head and Shoulders. but we are still bouncing out of the .618 of the minor AB movement. Again something to be happy about we are seeing higher lows although volumes are low.
Nothing so far to advise any changes. Keep holding for the time being. and follow the recommendations above.
Cheers.
CS
Trade active
⋅
Comment
⋅
Alrighty. We kept our cool and held LTC throughout the storm.
The market is recovering and showing consolidation ahead as usual when these events happen.
If you are still in the original trade Sit down and watch it for a month until we are back at the original TP target. IF not, then look for these entries to the upside.
Thanks for sharing !
Many think that we can reach 600$ really soon before 29
what do you think about that while you did the TA ? the propability of reaching that price around christmas it is low ?
ChrisSchwarz
⋅
@ilyes1505, My dear. I am a 20+ year experienced trader I've managed funds in several markets. I can honestly say I have seen a lot (not all). My advice to you is that you enter this business for one purpose and one purpose only TO MAKE MONEY. that is the bottom line. Never be passionate about a trade or an asset. I am not a crypto evangelist. I believe it will change the world but I don't get married to anything or anyone even if it looks like Cindy Crawford. There are a thousand things that can affect a trade. Every STOCK/OP/FX trader will tell you that around a year's end there are a lot of uncertainties. but mainly you are betting against a major FIAT (USD). Safe havens around this time of year move from one continent to another in order to exploit America's economy boost. so all the money switches to USD. So expecting a major spike this week or the next is possible but unlikely. I believe we will hit our D extension in a sudden move by years end. If not it will certainly happen in Jan. Always have a short-term plan and a mid to long-term plan as well. Aspire to become a wise trader.
Cheers.
CS
WaveRace64
⋅
Great!
JN9797
⋅
Reallky good work Chris - many thanks for this, your other chart on NEM is great as well. Hat Tip Sir ;-)
ChrisSchwarz
⋅
@JN9797, I am really glad You liked it JN, this is not only my work but the work of our trading desk. We don't overtrade and only handle a few ALTS, but we try to give as precise as possible advice. Hopefully you can have the same success, timing is everything in this business, so hopefully, your portfolio is a reflection of our steady gains. We are going strong for 2018 and we will post more ALTS and take suggestions on ALTS to analyze. Cheers.
tinkugarg
⋅
@ChrisSchwarz, I am not from trading background , so unable to understand these resistance,fib level type of words. Can you please tell in simple words that is litecoin beneficial for short term gains.
I have seen some people (not very experts) can predict every hour dip and gain . I wonder how they do that. Is it possible to predict hourly dip and gain from this graph.
Thanks in advance for your reply.