In the last post, about a week ago, I indicated that Litecoin appeared to be coiling. This is a contracting pattern that occurs prior to a big move. It can also be referred to as a symmetrical triangle pattern. Further indications include a contracting Bollinger Band and decreasing volume.
I was not sure then which way we'd move, just like I am not sure now which way we'll move. However, I can tell you that most of the signs on my simple charts point up. I will present quickly here the talking points for a move to the upside as well as any I see for a move down. Please feel free to add to either list in the comment section below.
The case for going up:
-Still in the Bullish long term green channel
-A close above the downward sloping blue trendline
-A possible close above the middle Bollinger Band today
-A break out of symmetrical triangle's usually follow longer term trends
The case for going down:
-50 MA seems hard to beat lately
-Litecoin follows Bitcoin. Wherever Bitcoin goes, Litecoin will probably eventually follow. And at this point, it is more likely that Bitcoin travels down before going much higher.
If you are long Litecoin right now ...hold (or, as they say, HODL). Adjust your trailing stops frequently to follow the bottom GREEN trendline upward.
If you want to go long, I'd wait for further confirmation. However, you wouldn't be wrong to start your dollar cost avg. buy in at this level.
If you want to go short, this is not the place to do it. Wait for further breakdown and confirmation.
As always, happy trading out there and be careful.
P.S.- On the chart, I show LTC wedged between two prices. These are the 50MA and the middle BB.
I was not sure then which way we'd move, just like I am not sure now which way we'll move. However, I can tell you that most of the signs on my simple charts point up. I will present quickly here the talking points for a move to the upside as well as any I see for a move down. Please feel free to add to either list in the comment section below.
The case for going up:
-Still in the Bullish long term green channel
-A close above the downward sloping blue trendline
-A possible close above the middle Bollinger Band today
-A break out of symmetrical triangle's usually follow longer term trends
The case for going down:
-50 MA seems hard to beat lately
-Litecoin follows Bitcoin. Wherever Bitcoin goes, Litecoin will probably eventually follow. And at this point, it is more likely that Bitcoin travels down before going much higher.
If you are long Litecoin right now ...hold (or, as they say, HODL). Adjust your trailing stops frequently to follow the bottom GREEN trendline upward.
If you want to go long, I'd wait for further confirmation. However, you wouldn't be wrong to start your dollar cost avg. buy in at this level.
If you want to go short, this is not the place to do it. Wait for further breakdown and confirmation.
As always, happy trading out there and be careful.
P.S.- On the chart, I show LTC wedged between two prices. These are the 50MA and the middle BB.
Comment:
Happening. Moved up. Currently, hitting our heads on $46 resistance. Let's see if we can break above this overhead this weekend.
Comment:
The move up happened as anticipated only hours after the initial post. We hit $50 resistance and ran out of steam. You could've sold there if you were watching or had your trade triggers placed. We will now consolidate and follow BTC before pushing higher.
Over the next few days I expect more sideways movement and possibly down to the $46 support. Be ready to buy here. I doubt we go lower.
I am a swing trader. My current target is the last ATH of 57.75. I will put in my trade triggers for this target price, however long that takes. I will then sell, wait for consolidation back down to around $52.50 and start my buy back for my long term target of around $75
Happy Trades y'all!
Over the next few days I expect more sideways movement and possibly down to the $46 support. Be ready to buy here. I doubt we go lower.
I am a swing trader. My current target is the last ATH of 57.75. I will put in my trade triggers for this target price, however long that takes. I will then sell, wait for consolidation back down to around $52.50 and start my buy back for my long term target of around $75
Happy Trades y'all!
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us