LTC/USD Trade Opportunity Weekend
Using the 1 hr. charts, we may have an opportunity to trade LTC this weekend. Over the past week we saw a major bounce from a double bottom which was BELOW the downchannel (in pink). My guess is the double bottom was in part due to the Litepay fail on March 26 along with ensuing FUD..and of course BTC. After the bounce to 135 level, another drop to the lower half of the downchannel occurred. As we enter Friday morning, we saw a decent volume of consolidation in the 117-120 range yesterday, and this created what appears to be another bear flag. Generally speaking, recent patterns have shown drops after the bear flag.
Keeping an eye on the movement today, and considering buy signal just above 110 (1st red line) where there is approx 5K support showing on the book, but save some FIAT for a larger drop. This would also create a triple bottom which could trigger another bounce in the next few days. If you buy and aren't staring at the charts, consider a stop loss in case we see additional drop to 106 range (Feb 6 bottom) or even 100 (10K current support on book).
It's unfortunate that the suppression and the downtrend channel continues. It's hard to bring in new investors during a long term (in crytp) correction, but these bottoms have been showing bounces along the way...so trading opportunities continue along the way. There's nothing wrong with buying at 100-110 and selling around 117-120. Just gotta protect yourself by buying low, saving fiat for buying lower, and selling smart.
Overall, I still believe cryptocurrency has a bright future, I just don't know when upward momentum will occur. We're a loooong way from ATH, and we've got a long way to go to zero. There seems to be more overall acceptance that crypto is here to stay, and recent index fund announcements could eventually start bringing in the much needed buyers to turn this ship around.
This is not investment advice. This is an idea. Be careful and do your own research.
Keeping an eye on the movement today, and considering buy signal just above 110 (1st red line) where there is approx 5K support showing on the book, but save some FIAT for a larger drop. This would also create a triple bottom which could trigger another bounce in the next few days. If you buy and aren't staring at the charts, consider a stop loss in case we see additional drop to 106 range (Feb 6 bottom) or even 100 (10K current support on book).
It's unfortunate that the suppression and the downtrend channel continues. It's hard to bring in new investors during a long term (in crytp) correction, but these bottoms have been showing bounces along the way...so trading opportunities continue along the way. There's nothing wrong with buying at 100-110 and selling around 117-120. Just gotta protect yourself by buying low, saving fiat for buying lower, and selling smart.
Overall, I still believe cryptocurrency has a bright future, I just don't know when upward momentum will occur. We're a loooong way from ATH, and we've got a long way to go to zero. There seems to be more overall acceptance that crypto is here to stay, and recent index fund announcements could eventually start bringing in the much needed buyers to turn this ship around.
This is not investment advice. This is an idea. Be careful and do your own research.
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