LTC
LTCBTC Short Swing Trade (D, 240)
Price is in overall seller territory from D perspective, we broke the major S & R (green line) and price rejected twice going through that area and left a probe. We turned people into buyers so that we can sell for higher price. On 240 sellers shows an aggressive sign of coming back swiftly challenging the buyers who started this movement. We didn't make an HH or LL between 0.0093 and 0.0078 so, we can anticipate a Range. So, I anticipate that price can hit the recent Support 0.0078, we have much room to do this sell. We have BTC strength in our favour so, Short can go well. Reason for SL above 0.01 is that price can move up to that area because they are making HH on 240 and looks so desperate and I anticipate that they have weakened their power. Proper Risk management should be taken as below.
Entry: 0.009299
TP: 0.0078
Stop loss: 0.01
Position Size: 1% Risk on your capital/350.5
Risk/Reward: 1:2 So, HH RR.
If TP is hit then we will be at 16% profit.
Buy from Sellers and Sell from Buyers.
LTC Short Swing Trade (D, 240)
Price broke the important level at 0.0093 and we have 2 more incidents that show price tries to go above this level and rejected badly. This is one important sign that we can short this with perfect timing. We have another important level to watch for i.e 0.0085 price level because once we breached this level and typically price didn't go below that so, this price level is holding strong as we can see a Range bound. If this level break with strong power then we can grab a cigarette. As we have to correlate with BTC I smell BTC has strength thus LTC weakens. If BTC has the weakens then we can expect a spike.
Entry: 0.009
TP: 0.0078
Stop loss: 0.01
Position Size: 1% Risk on your capital/800
Risk/Reward: 1:3 So, HH RR.
If TP is hit then we will be at 15% profit.
Buy from Sellers and Sell from Buyers.
LTC will continue its move downwards LTC has been in correction mode for the last week or so with further down time expected towards its support at 35 USD. Its not yet clear how much of an impact a UAHF will have on LTC. Its move breaking the triangle formation will determine its semi-long term movement.
LTC On the Verge of a Major RallyLTC is on the verge of a SegWit activation and has been highly bullish over the last week. I'm expecting a major upwards rise with targets of:
1) 11.42
2) 12.34
3) 14
