First of all, thanks for following me. I just started posting and if more people will follow me in the coming weeks, I'll upgrade my account to provide you with better analyzes and updates. Almost all my trades were succesful since I started posting and I'm happy to share these with you.
After our last succesful short (See link), it is time to analyse the little brother of Bitcoin again.
What we see is that Litecoin is almost breaking out of its range. In a normal market (stocks, currency) a bigger correction would be logical. In the time I follow the crypto market, one thing has become clear to me: This cryptomarket isn't a normal market. I've to say that the signs are more then at the moment, but I still think that the chance of a correction in the coming week is very high and the market is more predictable after a correction. Those are two reasons why I put the risk on medium. A raising chance of a correction is also a reason why I've a 39% cash position at the moment of writing. The breakout will decide in which way we have to trade. So, this chart opens chances in both ways:
We will see a signal within 13 hours.
Buy/Sell: Wait for breakout.
If it breaks out at the downside: (Short)
Valid: If an hour candle closes below the blue line.
Target 1: 259
Target 2: 245
Target 3: 230
Resistances: Raising blue line, 18ma and 50ma.
If it breaks out at the upside: (Long)
Valid: If an hour candle closes above the blue line.
Target 1: 340
Target 2: 408
Target 3: 455
Resistance: Blue line (Downward)
At the time of writing, I already have a small position in LTC.
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Questions? Feel free to ask and your feedback is welcome.