Litecoin, Shitecoin: An Opportunity

As much as I blast Litecoin, I think there's a trading opportunity here. Some other OG cryptocurrencies have gone up 5x recently - XLM and XRP, for instance. I don't mind this, because I actually think those coins are at least a little more viable as currencies than Bitcoin.

I'm keeping this short. Just taking advantage of volatility. A 40%+ pullback with the potential of a 200% move? I'll take it. Here to have fun, not here to question things right now.

Litecoin active addresses are stable around 300k, though having steadily moved up over the last couple of years from 200K. bitinfocharts.com/comparison/litecoin-activeaddresses.html

Bitcoin active addresses have climbed a bit recently up to 750K, after actually declining the last couple years. bitinfocharts.com/comparison/bitcoin-activeaddresses.html

As crappy as price behavior has been for LTC over the years, I like its growth pattern to an extent.

It's important to keep in mind that while on a very slow long term uptrend, Litecoin has broken down out of its major long term uptrend (orange) This was why I had assumed more downside was to come.

Given that LTC tends to pump last in the cycle, I'm taking a gamble on this thing flying back into the long term uptrend. There's A LOT of resistance overhead, especially at the broken uptrend, near $150-160 currently. Here's the shorter term structure, with some bullish arrows drawn.

Taking out the recent low near $85 would be a bearish sign and could send price quickly back to $66 support.

Let's see what happens. If the market has already topped, oh well. Risking a neglegable amount here. R/R seems decent to me.

This meant for speculation and entertainment only.

-Victor Cobra

Trade active

Long 1x from $95.50

Trade closed manually

Closed around $101 for profit. Don't really like the current structural weakness, especially for Bitcoin and ETH

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I ended up opening the position again today at $109. The choppiness and weakness from stocks gave me some caution. If this thing fully breaks out the difference shouldn’t matter too much, since I originally got in around $95. We’ll see.

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Stopped myself out at $104 this morning. Going to wait on the sidelines to see what unfolds as stocks tumble. Holding no positions right now. Might try and short but honestly it’s better that I don’t trade at all these days. I’d rather focus on my work, since there I can control how much money I make, to a greater extent :)

Gone are the days of post-professional me trying to make a quick buck or get ahead of the curve

Note

I did end up trading the last little run up, buying at $114 and closing at $127. I sold there due to Trump's new trade wars, which became more of a reality on Friday.

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Appears to be establishing some strong support near $100 with liquidity grabs below. Closing candles below $84 would be more worrisome, but for now I’ve re-established the position with a little more LTC than before, due to profits.

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I still think there’s a fair enough chance LTC has not yet seen its regular cycle pump. We’ll see. Could drop again and linger below $100 for a bit to first for accumulation as well. Not ruling that out.

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I stopped myself out again - no loss really on these trades, and even made a bit of a win on that last pump to $130+. Let’s see what happens. Maybe I can snag a buy closer to $90.

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Price action is actually looking fairly strong when compared to other alts. Sentiment for alts seems to be extremely low, so a pump soon seems to make more sense than further decline. Perhaps at weekly open we get another flush down, but the LTC/BTC ratio looks like it's trying to form a bottom here. Bot spot again, a little higher than I would have liked, but have some wiggle room from the last profitable trade.

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Really hanging onto this uptrend by a thread, though some promising price action, as long as Bitcoin holds up here.

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I stopped myself out here AGAIN with some small profit. Now watch it skyrocket :) Man, I was hoping this last push up would be "it," but the market will do whatever it wants. It doesn't owe me anything.

This would be a decent spot for things to turn around from a technical standpoint in the market. However, the current environment and sentiment around markets in general gives me caution. Let's see if it can bounce here, or if the jig is really up this time.

VictorCobra

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