CruelTraderKnight
Long

LiteCoin Short Term Trade Idea

COINBASE:LTCUSD   Litecoin / U.S. Dollar
I have been part of this community for a long time and follow some of the great analysts daily. I have been using TradingView and it's tools for a while regarding my short-term trades and I love it. This is my first post and only providing my personal opinion which I have formed after reading other professional analysts recent reports and watching trading videos.
I only trade in Litecoin, Bitcoin and Ethereum and try to find the best option amongst those 3 to bring the best returns in a short time period.
As of right now as we all know Bitcoin is on the "hyped buy cycle" as most people withdraw their btc from exchanges in order to have their private keys when the bitcoin gold fork happens hence the supply decrease on exchanges and increased demand due to people looking to get "free bitcoin gold" (which is an arguable concept but I am not gonna get into it in this post). Hence in the short term trading wise I perdonally would not advise getting into btc right now (I am expecting price to go down tomorrow for btc and rise upto ATH on 24th and 25th then go down)
As it comes to ethereum due to more and more government crack-downs on ICOs whether they are "security" or not I am not expecting a price jump anytime soon there.
However, Litecoin has a great potential of reaching $70 mark (this is a conservative target) very soon. LTCBTC trade is at the "triple down" level which is a great entry point as well. As I am writing this post LTC is getting a big jump so I am gonna go ahead and publish it before it is too late for you guys to get my insight. Let me know what you think in the comments below.
Comment: With all of this being said I wanna point out that we might see price to go lower a bit more before we see the swing high to $70 range, also the orange line shows that Litecoin will not go below $50 no matter how low the price swings lower and I can say that with 83% confidence looking at the strong support line (orange) 5/6 the price bounced back from here except China Ban sell off on September 15th but even then the price bounced back up the same day
Comment: Ohh Also here is the zoomed out view of the orange support line

Comments

I want to entry at 52, but... I dont know, to me LTC looks so bearish on daily chart, but week chart its still on bullish channel
Reply
@afvm, I tend to trust the weekly chart over the daily, also as I said it might swing a bit lower before the bulls start riding again, however, I think it is unlikely to break below $54.5 even if it swings further down a bit more
+2 Reply
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