I missed a major trendline on my last litecoin chart. I've added that line and tried to be more accurate on the others.
I've mapped a potential direction on the chart. Another possibility is that Litecoin makes a major move and jumps above the trendline ( bitcoin did this). If that happens I think we will see a push towards 175.
It has been 2 months since I've updated this chart but all has gone as planned and hopefully some of you have profited on it. I don't think we have seen the bottom yet; however, we should see more of a bounce. As to how high it can go --- I'm not sure but we have have several levels of resistance that I am watching -- $102, $105 and then $110 for the time being.
Hope this chart has been helpful.
This has been a pretty brutal drop for litecoin but we are right where I thought we would we be. We should see a fight to hold this level but I am personally sitting on the sidelines for now. If we lose this level we will probably drop down to the $172 level.
Take a look at the RSI on the LTC/BTC pairing. This is the lowest litecoin has ever been against bitcoin. Over the next weeks/months I do believe litecoin will go lower; however, to do so the RSI needs to come up first. So, I have decided to open a long position.
What do y'all think? Will we make it all the way down to the $50 level?
Lots and lots of resistance here. I would not FOMO into a long position here.
agree....bounce, then another low.... but it does not have to make another low. I have almost my entire account into positions at this time... but if/when the low from yesterday is taken out, i will be almost entirely out.
@Procinctu, I think you made a good call to go all in when you did and I agree that, when we look at the movement at the shorter time frames, we may have made our low for the next several days. However, my experience has taught me that it is far harder to exit a profitable trade than it is to exit a losing one. When I back out and look at the technicals from a bigger timeframe, I'd suggest that you exit the trade and keep the profits you've earned thus far. If we have a bullish break you will have ample opportunity to make a large profit; on the flip, at best you break even. Don't take this at gospel as I could be wrong; however, I post these signals for free and only want to see my followers make money and from what I am seeing I think the smart suggestion is to take profits and buy in lower. Best of luck to you no mater the decision!
@Smoak, I literally just came on TV to move the stop up. RSI (which this particular trade was very much based on) almost got to 60. And that is where price has topped out previously. So I'm moving the stop up.... AND will exit a few positions here to lock in more profit. Thanks for your input!