RCtrader2

LTC in the SPOTLIGHT!

Long
KRAKEN:LTCUSD   Litecoin / U.S. Dollar
Litecoin together with many other cryptocurrencies has been losing value against USD and has dived from a price of $370 recorded on the 19 Dec 2017 to $55. It is an 85% loss in value and it may grow in the next 2 weeks. The key support, however, is in the $40s and $50s area where it resided for months last year. The angle which was almost vertical at the beginning of the downtrend is flattening and a truncation could happen once the 4th and the 5th waves are completed. The cryptocurrency remains an excellent long-term investment opportunity.
There are plenty of buyers for LTC and many more will pop in if the price drops below $50. The price could, however, hover in the $50-$80 area during a possible ABCDE corrective pattern. A key resistance might develop at $110 which served as support a number of times during the dive. The TPs for longs will, therefore, be $75 and $108. The entry is the $40-$55 area with StopLoss below $38. For any of those who would rather play safely, I suggest monitoring the market until the price exited the downtrend and is part of a consolidation or uptrend.
Winning trades for everyone! Cheers!

NOTE: The angles are correctly built, but whenever I tried to publish the idea the lines of the angles would move from their initial place. I hope that does not cause inconvenience. Thank you.
Trade active: The price made a low at $49 and has been moving up since then. The uptrend is clearly visible on the 4h chart. TP1 for buy orders is at $63.600 (weekly pivot).
Trade active: TP1 achieved at $63.600.
Trade closed manually: The price is consolidating in the ~$50 area.

Comments

i like it, my TP is mid july 2019 LTC halving is expected to be august 2019. It might send LTC to stars, so i just mine it and i buy and hold it.
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RCtrader2 dejc123
@dejc123, It might take a month or two before we see some real recovery.
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dejc123 RCtrader2
@RCtrader2, it might or not, we dont know that, last year LTC made me fantastic 350% gains, i mine a lot, and profitability vs maintance is at 99%-101% for LTC and BTC is at 103%, It will bounce from here and then make a higher low, or i get a lot of used machines to my home...my wife will kill me.
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