Friends, critics, foes. A few days ago I made the prediction that little litecoin would break out of that first purple triangle you are seeing here on my charts. That it did. I was confident that it would go up rapidly. Not so much. Here's what I missed and why litecoin is baulking a bit at this upwards move.
I knew the 200dma was ahead, however, because I am not an elite "PRO" member here on TV, I was not permitted to also have the 50dma indicator (a basic member restriction) on my chart. It was not until I changed my MA time frame that I noticed the 50dma exactly where the 200dma was ...and crossing! When a downward 50ma crosses and upward 200ma, this is known as the "Death Cross", a bearish indicator.
Additionally, I was observing that other analysist had been drawing another triangle on their charts. This one with a higher top than my first. I have drawn this new triangle on my chart. Notice how it also intersects exactly at the point of the Death Cross. I don't think I have to tell you that this is not a good sign.
I know that I was fairly bullish in my previous post. And I had good reason to be. I did make good money on this trade, however, I am redacting my previous statement regarding holding for the long term as I am now doubting whether or not this is the longer term bottom. I am also lowering my sell target to between $140-$150 with these newly discovered indicators. I do plan on selling in this range.
I will not become bullish again until we both break above this second triangle AND cross over at least one (preferrably both) of these significant moving averages.
Stay safe. Peace and happy trading my crypto friends.
@phil.steuerwald, Thanks for posting the call, I had been eyeing entry for LTC for a few days and your prior post encouraged me taking the trade (although apparently any monkey could have made money this week haha).
ahbahb
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@phil.steuerwald, everything seems to be grinding higher approaching a lot of resistance, finding it hard to stay out right now but expecting to see a series of bull traps all across the board with fake breakouts on these ascending triangles. Like whales positioned to sell alt breakouts and then they push BTC down and run the table.
lazytrade
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I normally don't subscribe to services for money.. but when I finally had time to dig into TV charts a bit I quickly discovered that I would most likely be a lot more profitable with some extra intelligence.. and if I'm going to make actual money with it, then the subscription should pay for itself before the first month is even up? :D Good look on the death cross!
stewdamus
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@arthax0r, Thank you sir. Be careful with those pay for services. There are a lot of "PROS" out there who don't actually know what they are doing. ...But they sound good. I guess this is called a salesman.
lazytrade
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@phil.steuerwald, Well, the services rendered unto me for my money versus what others do with theirs are quite unrelated. However, the point that people with a "PRO" label by their name is not an IQ or experience indicator is well made. Yours truly for instance.
IMHO, anyone who is REALLY good at this stuff has way better things to do than study and post charts.. like spending money. :D
stewdamus
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@arthax0r, except if the love doing this and love helping others out.
lazytrade
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@phil.steuerwald, My real point was that paying for a subscription to a web site and being an expert on anything are totally unrelated and if one is too dumb to know that.. then they're going to lose no matter what. :)