LTC TRADING THOUGHTS
LTC is under efect of BTC forks. If you look on a daily chart, LTC rebound from 100 day MA. But at 4h chart it found resistance at 100MA.
For me it's not attractive to buy at the current price because Risk/Reward (R/R) is not good. You can see that if it goes to 70 USD from here, R/R ratio it just 0.74 - you can get 0.74 dollar for every dollar you can lose. And no indicator supports the move to 70 usd. More plausible move is down to 54 usd or 51 usd.
I'll observe it at 51 usd. R/R is better there (R/R 1.440 to 70 usd and R/R: 3.11 to previous ATH ~92 usd). But LTC is under influence of BTC movement so if BTC goes into predicted correction, LTC will follow and we can see touching support around 38-42 USD. So my plan is to observe the price action of the whole market, driven by BTC and not just LTC charts. If market indicators are favorable to invest I'll put a small amount of cash (20%) into LTC around 51 usd for trade to 70 usd or even to 92 usd. If it goes below 51 usd I'll wait and invest a bigger amount at around 40 usd for the long term investment.
If you bought LTC at around current prices I wouldn’t sell but hold it for the long term.
For me it's not attractive to buy at the current price because Risk/Reward (R/R) is not good. You can see that if it goes to 70 USD from here, R/R ratio it just 0.74 - you can get 0.74 dollar for every dollar you can lose. And no indicator supports the move to 70 usd. More plausible move is down to 54 usd or 51 usd.
I'll observe it at 51 usd. R/R is better there (R/R 1.440 to 70 usd and R/R: 3.11 to previous ATH ~92 usd). But LTC is under influence of BTC movement so if BTC goes into predicted correction, LTC will follow and we can see touching support around 38-42 USD. So my plan is to observe the price action of the whole market, driven by BTC and not just LTC charts. If market indicators are favorable to invest I'll put a small amount of cash (20%) into LTC around 51 usd for trade to 70 usd or even to 92 usd. If it goes below 51 usd I'll wait and invest a bigger amount at around 40 usd for the long term investment.
If you bought LTC at around current prices I wouldn’t sell but hold it for the long term.
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