Hey all.
I decided I am going to do a more thorough update after looking at this a bit more. LTC looks scarily close to the other pattern is following this trendline. If it follows the same pattern that it did before it means we should have some more sideways movement before reaching the trendline. Both patterns look VERY similar and MACD and RSI. If these patterns hold true it means a couple things:
1. We want to revise our targets to getting out when it pops up above 100 around the 105 area. I will be looking to get out of my laddered positions at this point and look for re-entry lower. This is what I am doing, if you think it's going to break this trendline, hold on longer, you have more positions in place in the event of a move down. But I trade it, I don't mind waiting for a re-entry point
2. IF this pattern holds true, it means the next push down will be to $70. Therefore, we will not place buys starting at 90, but adjust our ladders accordingly starting above 80 and downward from there.
Happy Trading,
-Sherem
I decided I am going to do a more thorough update after looking at this a bit more. LTC looks scarily close to the other pattern is following this trendline. If it follows the same pattern that it did before it means we should have some more sideways movement before reaching the trendline. Both patterns look VERY similar and MACD and RSI. If these patterns hold true it means a couple things:
1. We want to revise our targets to getting out when it pops up above 100 around the 105 area. I will be looking to get out of my laddered positions at this point and look for re-entry lower. This is what I am doing, if you think it's going to break this trendline, hold on longer, you have more positions in place in the event of a move down. But I trade it, I don't mind waiting for a re-entry point
2. IF this pattern holds true, it means the next push down will be to $70. Therefore, we will not place buys starting at 90, but adjust our ladders accordingly starting above 80 and downward from there.
Happy Trading,
-Sherem
Comment:
Previous analysis as an FYI:
Comment:
Compared to BTC and ETH, LTC, on the other hand, looks like it could just pop up and then form another H&S pattern. the target isn't really higher, still targetting this 105 area, maybe even 103.
Comment:
probably the biggest thing to worry bout right now with this LTC is that we have formed this wedge pattern. It doesn't really bode well.
Trade closed: stop reached:
Stopped out just above Break Even. You could probably short it now, it's got room to run.
Comment:
LTC is hitting our first ladder area, but bouncing off of it pretty hard. I did not get filled as it came close but didn't hit my fill point. So, if this rebounds hard off 80 then resumes down again we can, therefore, assume it will push below 80 and keep going to our original target of the 70 area so I will start laddering 10% at 75.10 ish and 20% at 71.10, 30% at 60.10 and 40% just above 50. It's better to be overly cautious in a bear market like this. Better to be out of the market wishing you were in, then in the market wishing you were out!
What we are really looking for on this LTC pair in terms of a REALLY good rebound is when LTC/BTC hits this massive support. It still has a ways yet.
What we are really looking for on this LTC pair in terms of a REALLY good rebound is when LTC/BTC hits this massive support. It still has a ways yet.
Comment:
Also - If you had your first buy at this 80 area like I detailed and got filled. Say $81.20? Amazing entry point. Put a stop at break even, a trailing stop or book the profit you have now.
However, the point of laddering is to be able to endure vicious bear markets. So you should be in a good position regardless if you choose not to do the above!
However, the point of laddering is to be able to endure vicious bear markets. So you should be in a good position regardless if you choose not to do the above!
Comment:
Chart update:
