Litecoin Daily Dose 3/15/19

Mar 16, 2019

Earlier I had shorted Litecoin around $60.60 which was a bad mistake. Stop loss was at $61.50 and I had failed to ignore a macro rising wedge that would have wicked an upper trend line at $64. That would have been a better short. I was eventually stopped out at $61.50 which honestly was just bad trading. A short here at $62.33 to about $56-$57 is not a bad trade in my opinion. A small position with a stop loss right above $64 is not bad considering we are expected to trade within a range of this rising wedge. The volume profile matches this analysis as well because every successive move up has decreasing volume.

Mar 16, 2019

Note

Changing short position entry to $68 not $62.33

Mar 16, 2019

Note

Typo: The box inside the chart should actually say micro rising wedge; macro ascending channel.