Litecoin. I'm not buying ...yet.
If you've followed my post, you'll realize that I've recently stopped out of Litecoin. Currently, my Litecoin deposits are sitting all in CASH. Here's what I'm waiting for.
Just like it's big brother Bitcoin, Litecoin has a long upward bull channel (BLACK LINE). Ninety percent of the time we will remain within this bull channel. Currently, that's exactly where we sit. We're at the top of the BULL channel looking to break above it again. However, we have NOT. We have not opened a new candle above the TOP BLACK ASCENDING TL. And until this is done, I personally am skeptical that our bulls are back in control of this thing.
If you're a bull looking for a new entry, I'd wait. Confirmation is needed here. We must open above the intersection of trendlines and procede upwards for solid confirmation.
If you're a bear looking to short, I'm not sure I'd short here either. The market is making a big decision right now. We'll soon see how it plays out.
Good entry for bulls is confirmation (any new candle that opens and closes above our TOP BLACK TL) or wait till we know we've hit our bottom. Currently, these last few candles simply look like a bear flag to me and we could procede lower?
If we do procede lower, look closely at all of our supports: 65.96, 64.67, 62.38, 57.75, and 54.97.
I personally would love to see us get down to our last all time high of $57.75 as this would indicate a healthy correction and would be beautiful to my eyes technically. However, I am just not sure at this point we'll get there.
Today the market will be making these decisions. You'll know by tomorrow.
Watch closely. Be careful. And good luck my trading friends.
Just like it's big brother Bitcoin, Litecoin has a long upward bull channel (BLACK LINE). Ninety percent of the time we will remain within this bull channel. Currently, that's exactly where we sit. We're at the top of the BULL channel looking to break above it again. However, we have NOT. We have not opened a new candle above the TOP BLACK ASCENDING TL. And until this is done, I personally am skeptical that our bulls are back in control of this thing.
If you're a bull looking for a new entry, I'd wait. Confirmation is needed here. We must open above the intersection of trendlines and procede upwards for solid confirmation.
If you're a bear looking to short, I'm not sure I'd short here either. The market is making a big decision right now. We'll soon see how it plays out.
Good entry for bulls is confirmation (any new candle that opens and closes above our TOP BLACK TL) or wait till we know we've hit our bottom. Currently, these last few candles simply look like a bear flag to me and we could procede lower?
If we do procede lower, look closely at all of our supports: 65.96, 64.67, 62.38, 57.75, and 54.97.
I personally would love to see us get down to our last all time high of $57.75 as this would indicate a healthy correction and would be beautiful to my eyes technically. However, I am just not sure at this point we'll get there.
Today the market will be making these decisions. You'll know by tomorrow.
Watch closely. Be careful. And good luck my trading friends.
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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