2/14/18 (2:51pm EST): Short Entry (212) Target (100) Stop loss (250)
Logic : LTC like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
LTC has received a huge boost of price increase from uncertainty around its fork. It recently tested resistance level around $235 and failed. A heavy resistance level is at $250 level which is where i put my stop loss. I expect some capitulation of price action back done to at least the $184 level. I expect it to drop further given how overbought it it (i have my target @ $100-$125), but i will reassess at the $184 level.
評論
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Timing was way off on both my LTC shorts despite having a fairly wide stop loss. Last weeks big jump to $253 stopped me out. The market today (2/21/18) seems to be accumulating a little for a dip to $200 then maybe $178. My timing was about 1 week off and so was my entry point.
here's what I was looking at, which is quite similar to yours (260 to 176). What do you think, boss man?
cbrookins
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@NickPadovani, I agree with your assessment based upon similar charts. LTC is starting to let up a bit today, but my timing was way off earlier. I got stopped out of my short positions on the big uptick to 253 last week. If the market starts resting rom it's boost last week then the path is probably $200 psychological level then to $176.
NickPadovani
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@pugilist_vc, Unfortunately I ignored my own advice and missed a sell at 250 :/ I saw it humping down and should have recognized the psychological implications of 250. So at this point, I'm sort of holding for fear of a bounce up, but it's hard to say at this point.
cbrookins
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@NickPadovani, we have all done that before. I typically don't play in LTC, so was fairly inexperienced in its pattern movements which cost me. I should've studied the patterns a bit more before jumping in, but hindsight is 20/20.
NickPadovani
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@pugilist_vc, It's okay though, truthfully. I'm not sure if you're long in LTC, but I expect us to touch 300 come monday.