Litecoin buyers. Now!
Updated
In my last post I recommended to wait. Now, I am recommending a buy.
Technically, this sell off is perfect and exactly what I had been hoping for. We touched $58.20 as of this writing. Exactly where I had my buy order set at. Actually, that low on the candle IS my buy order which was partially filled. Lol. There is the possibility that we still come down to $55, but I obviously didn't want to bet on it. My recommendation is to pick up anything between our levels of $55 (if we get that low) and $62 for a nice longer term swing trade. Target right now is $98.28. Could be higher as we go depending on timing and pattern. I'll update as we go.
Stops should be set. I will set mine at $53.40.
I do want to warn you, buying here is a higher risk trade because we have no confirmation that we'll go up again. Nice confirmation would be a breakout above the RED descending TRENDLINE and a open of a new candle there on the daily. We could actually continue downward. However, here's my case for buying now:
- RSI trendline intersection support (I see us bouncing here)
- Tremendous support below: 57.75 (previous ATH), 50MA, bottom Bollinger coming into play, ORANGE TL, etc.
- Our leader Bitcoin seems to be near the bottom of it's descent as well
- All the gloom and doomers are talking about China, Jamie Dimon, and the end of crypto. This is great for buyers. We know this is not the end but in fact, it has just begun.
BOTTOM LINE: This is longer term SWING TRADE advice only. Buy here. Buy now. But for gosh sakes put in your stops as suggested so you don't get burned.
Happy Trading all.
Trade closed: stop reached
Stopped out at $53.40. Re-entered at a lower price. Still in an extremely bullish channel. Until we escape this Bull channel I will always simply look to reposition for the long run.
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