Right now we are flat it the market. Let's recap the last strategy and look for what's next.
The last strategy we had ladder's that got filled at 101 and 91. I weighed my 91 entry more than the 101, so I was able to get out with a stop loss with some profit before this thing seriously moved down. Unfortunately, it moved down quickly before we got a chance to short it.
Right now, we have broken the massive support line at $110 and are moving down. This does not bode well for LTC. RSI has created a divergence on the daily chart. But with a break like we had, I don't see a SIGNIFICANT bounce coming right now without further downside movement. Another alternative to look at is LTC/BTC (posted below) to see where we will get the LARGE bounce we are looking for.
What looks like it's going to do right now is consolidate either into a move up before a continuation to the downside, or just form a Bear Flag. whichever scenario it chooses, here are the 2 strategies that I will be looking at:
Shorting if it comes back up to this $93-95 area. Stop above 102 for a move down to 70.
or
Going long down here starting at $60 with ladders to $50. I have been debating whether or not I want to put a ladder at 71. I had ladders set at 70 before, but the trouble is, once LTC/BTC keeps pushing down, it could blow through 70. Now, i think we will get a bounce off of 70 for a scalp, no question. But what we really want is a large move to the upside, which will most likely coincide with LTC/BTC moving off this support channel. That's going to be the signal to go long and hold for a while, once we hit those LTC/BTC lows.
Happy Trading,
Sherem
The last strategy we had ladder's that got filled at 101 and 91. I weighed my 91 entry more than the 101, so I was able to get out with a stop loss with some profit before this thing seriously moved down. Unfortunately, it moved down quickly before we got a chance to short it.
Right now, we have broken the massive support line at $110 and are moving down. This does not bode well for LTC. RSI has created a divergence on the daily chart. But with a break like we had, I don't see a SIGNIFICANT bounce coming right now without further downside movement. Another alternative to look at is LTC/BTC (posted below) to see where we will get the LARGE bounce we are looking for.
What looks like it's going to do right now is consolidate either into a move up before a continuation to the downside, or just form a Bear Flag. whichever scenario it chooses, here are the 2 strategies that I will be looking at:
Shorting if it comes back up to this $93-95 area. Stop above 102 for a move down to 70.
or
Going long down here starting at $60 with ladders to $50. I have been debating whether or not I want to put a ladder at 71. I had ladders set at 70 before, but the trouble is, once LTC/BTC keeps pushing down, it could blow through 70. Now, i think we will get a bounce off of 70 for a scalp, no question. But what we really want is a large move to the upside, which will most likely coincide with LTC/BTC moving off this support channel. That's going to be the signal to go long and hold for a while, once we hit those LTC/BTC lows.
Happy Trading,
Sherem
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Here is the LTC/BTC chart I was speaking of. You can see that we got little to no support for a while yet.
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For anyone coming to this thread, here is my previous LTC analysis.
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Well, the debate I was having whether or not to put a buy at 71 wouldn't have mattered as it bounced hard just above it. It's great that my levels are holding, bummer that they are bouncing before my fills. Assuming the downtrend still remains in force, we'll adjust our buys a little higher above 60
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This looks the worst, definitely not buying at 70 at this point. above 60 is the first ladder with 50 area as a secondary point and as always an emergency one at 40 area.
LTC/BTC is getting closer to the buy zone for more of a rebound, which will help LTC/USD-
LTC/BTC is getting closer to the buy zone for more of a rebound, which will help LTC/USD-
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Litecoin just isn't looking hot right now, it's making lower low's, it's gotta really bust up for anything sustained.