Full post on my Yours blog (in my signature) with lots of complimentary fundamental analysis and an optional trading structure and update thread. == Litecoin is goin’ up, and many people are ecstatic. Congratulations to all LTC holders on realizing gains on your investment. I know with how this coin dumps during downswings that it hasn’t been easy. To those who had strong hands, you earned your money.
I believe that when investing, fundamentals are everything. You start with a bed of fundamentals and then technicals are the next step.
When day trading, fundamentals matter pretty much not at all. It's all about what's going up and what's going down, and people chase these gains to various degrees of success (or lack thereof).
So, which path to follow comes down to whether or not you’re here to play the pump and dodge the dump, or here to invest in Litecoin.
Right now, the pump is starting to look over extended and it may have some pull back in store for it. That being said, it does look like it has room to move upwards and we may see a visit to the top of the yearly channel, and perhaps even beyond.
Check out Yours (in my signature) for more.
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Price action continues to break upwards towards $200.
This is a key level in the trade structure, but has come very quickly.
Update #1 to trade structure on Yours (In my signature)
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Update #2 on Yours. Starting to wonder if we've run out of momentum before $200.
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Nope. Just faking out. Take profit target reached. Next target incoming.
Happy trading Litecoin friends!
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Update to trade structure thread on Yours (in my signature). Price has hit first target and quickly approaches second. Very bullish action. We may see a run even higher depending on how it reacts at second target.
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Round 2 at short term double top
$235+ or death... hmmm...
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Looks like no double top. Update #4 on Yours (in my signature).
Looks like there's more room to go, but it's a bit of a dangerous situation.
交易結束：目標達成
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Target reached. Update #5 to Yours post where I make recommendations for how to deal with this level, what to watch out for, and how to deal with further upward movement, if it comes.
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This pattern at a top
Is generally not bullish. I am anticipating a dump. That being said, it's been very bullish and I am a relatively cautious trader.
I feel stoch and momentum are showing reversal, and immediate price action is also a small double top.
I prefer to take profit and manage risk more tightly. But there are various approaches that count as good.
Taking profit is required here though, in my opinion.
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Earlier target was hit, for Yours readers. New update in the post. Looks like we did pretty well though it broke out further upwards overnight.
Right now it's looking like it may stall out here.
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New update on Yours. Second, larger target reached. Still no pullback. This is not a good thing and the pattern stinks just like the IOTA scam coin pump did.
Be weary of retracements.
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This extended period over 300, in my experience, is often whales keeping the price up so that they can use time to form their inventory sells and their short sells.
That being said, bulls gonna bull and it may merely retrace. Again, I warn that Litecoin is a coin that's often subject to violent corrections.
@DVemer, I think hes right. Hence the massive ETH pump too. But looks like coinbase had to stop the purchases of LTC and ETH about 5 hours ago. So price is stable. But once it restarts, expect it to moon rocket, everyone has seen the LTC pump, and now more US consumers are going to want to get in on it. Its like a positive feedback cycle....
ov99
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I love your analysis riversandmountains! I saw you mention goldbug1 in another post of yours and liked his takes a lot -- are there any other tradingview authors or websites you recommend? I've read most of your articles and am looking for more high quality reading material. Thanks!
RiversAndMountains
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@ov99, MarkPMarkets for Bitcoin and Ethereum. DianKemala and DLavrov.
Many of the analysts here are charlatans pumping shitcoins they already have positions in. Be careful. Those 3 are excellent though. Mark P especially.
CryptoAccountBuilders
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Yup....definitely overbought at this point according to RSI and Stoch. Also on it's 3rd wave. A stop loss is critical for anyone willing to take chances.
sfarooqa
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@RiversAndMountains Thanks for TA. Any suggestions, What level will be a good buy after it drops? around $175? Thanks in advance
RiversAndMountains
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@sfarooqa, Generally speaking throwback would be $200, but we also want to see continuation from there. if it throwsback and doesn't bounce, it will correct.
hackthebull
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Love your ta but this one isnt a pump and dump. Ltc will never see these levels again so its not too late to still jump on the ltc train..400 by christmas :)
RiversAndMountains
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@hackthebull, You should be concerned with a coin that is pumping because it's the only way out of both Coinbase and Bitfinex.
I'm not trying to talk any shit about Litecoin in this case. That's just genuinely what's driving a lot of the demand.