Swing Trading LTC/BTC - Whoops I did it again!
Updated
If you follow me you know I'm long on LTC. Attempting a small swing trade today, I made a mistake and traded LTC/BTC a bit too early around ranging from .00882 - .00886 ! I saw some bearish divergence but , alas LTC caught an extra push and I missed out. But no worries! We hit the top of the RSI on several LTC/BTC charts today so I'm confident it will come back down. For safety purposes I placed my LTC buy order at .00883, which will put me ahead a negligible amount but I honestly think it will be easy to swoop around .00881 or lower ... It's so hard to predict price action , but the RSI is more telling. At 50 we could go either direction. This will be largely dictated by what the market decides to do as a whole. Also note the loss of RSI strength on the latest move up. Right now LTC/BTC is selling just over .009 so good opportunity to make some swing trades when that RSI inevitably dips. Personally I will be accumulating LTC for a long position. I am not a professional investor or financial advisor, trade with caution!!
Note
So far so good! This goes to show patience can be key after you make a mistake! I'm now very close to hitting my target. Just to keep transparent, I have cashed my entire trade back to USD and now i'm waiting for the 50 mark on the 4 hour RSI before I consider buying my coins back. Looks highly possible I may even close with a little profit, if the bitcoin gods intend! Please don't forget to leave a like if you found this interesting! If i receive at least one more like I will update with details when I close the trade!!Trade closed: target reached
Success. Woke up to an alert of my buy BTC buy order (1/2 my position) being taken at $6962. Looks like it caught that falling knife perfectly. Had to act quick but manage to get back LTC at .0082 and the USD portion for 61.57!! I'm marking this trade closed with 3.4% profit. Disaster turned into success! By the time i've written this LTC is already to .0089 lol so guess it was worth waking up for!
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