Harmonic patterns serve as a framework to assess trends and price action. I introduced the concept of "signposts of future price action" that patterns espouse in my first book, "The Harmonic Trader." This means that patterns can define targets for primary trends as well as serve as countertrend reversal zones. Over the past several months, I outlined the upside target for LTCUSD - 1st 72, then 88, then 133. Now trading @ 150, we have reached ALL HARMONIC OBJECTIVES, as defined by the all-time Bearish Butterfly and smaller Crab which was outlined a few weeks ago! As a trader, I can not ignore my trading plan rules. This is an area where I will take PARTIAL PROFITS NOW and move all stops to 130! Although we have seen parabolic moves, these markets continue to exhibit strength. Regardless, NO ONE EVER WENT BROKE TAKING PROFITS!
GOING FORWARD: With BTCUSD futures beginning in the next week, I expect the entire crypto market to experience a new level of volatility that will add SELL SIDE LIQUIDITY! Although this does not necessarily result in an immediate decline, it adds a layer of resistance to the price action that will TEMPER THE CRYPTO-MANIA in the short-term. After the futures enter the picture, the fluctuations will increase and require surgical analysis as buy and holders will be vulnerable to account blowouts.
CONCLUSION: DO NOT GET COMPLACENT! Measure the market and adopt more of a trading mindset! The opportunities in cryptos have not even begun to be realized and there is always PLENTY OF TIME but the easy money train is coming to a close. Make sure you enjoyed at least part of the ride!
LTC is going to 200.00 and beyond before xmas...HODL that sucker. It's not even worth trading as under 1k its still a bargain - but this will change soon enough.
mycotoxin
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@mycotoxin, what do you think the 100k users joining conbase daily will see ? A 19k coin a $500 coin and a $140 coin. Folks like to own a whole something not a .000185 etc, etc or whatever of something and that simple fact alone will propel LTC to dizzying heights . HODL the LTC it's flying from now through till the end of 2018.
nimbus
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well, it seems ltcusd will continue to rally after some consolidation as you take a look at the ltcbtc chart.
I just learned some of harmonic patterns trading and I just draw one myself, shown as follows. I'm not using it much, 'cause I'm not sure whether I've got the key point of harmonic trading or not.
Very pleasure to see your comment of the following chart, I hope I can learn more from you.
Thanks.
nimbus
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@nimbus, well, it seems it did work this time, if I just adjust the CD leg a bit.
Smurf44
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Do you think its too late to buy litecoin at the moment or should i look for another dip?
NonCoiner
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@Smurf44, Dips in Litecoin are more like gentle hills imo... I wouldn't expect anything lower than $100 +-10% ever...
RogueTraderFx
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That's awesome Scott. I was just looking at that formation yesterday thinking it is RIPE for a pullback! You are the master.
ScottCarney
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@RogueTraderFx, Thanks! DO NOT GET COMPLACENT! We can always reenter but this has doubled since my last post! STAY HARMONIC!