TRADE ALERT - LONG LITECOIN (LTC)
Updated
Another entry here for me in Litecoin. It actually missed my trigger buy at $77.50. But I didn't want to wait anymore. Bought at 77.12. SL is 71.69 for now. Will take profits along the way with an overall target of $106.
A little more on why I took this trade. Of course, fundamentally, you all probably know that halving occurred. The market sold the news and now from a technical standpoint, little Litecoin looks to be oversold. You can see on the RSI chart below that every time we hit that ascending red TL, we popped for a gain of at least 50%. Every. Time. Thus, probability here remains largely in our favor just from this one indicator.
Now follow that black vertical line up the chart. You will notice that it intersects with our candle today which lies directly on strong support (red TL) from December of last year.
Could we break below these major trendlines I have drawn on all my charts and get stopped out? Well yeah. Of course! But I like my chances here.
This is not financial advice. Just showing you all what I am doing here.
Best,
Stew
A little more on why I took this trade. Of course, fundamentally, you all probably know that halving occurred. The market sold the news and now from a technical standpoint, little Litecoin looks to be oversold. You can see on the RSI chart below that every time we hit that ascending red TL, we popped for a gain of at least 50%. Every. Time. Thus, probability here remains largely in our favor just from this one indicator.
Now follow that black vertical line up the chart. You will notice that it intersects with our candle today which lies directly on strong support (red TL) from December of last year.
Could we break below these major trendlines I have drawn on all my charts and get stopped out? Well yeah. Of course! But I like my chances here.
This is not financial advice. Just showing you all what I am doing here.
Best,
Stew
Note
Traders,I thought it would be courteous to come back to TV and update each one of my trades as during the last flash crash I was simultaneously ban by TradingView for accidentally violating House Rules by inadvertently mentioning where you could keep up to date on all of my trades. I have to be more careful on this platform and will work my best to carefully avoid references in my posts and videos.
Anyways, it was definitely an inconvenient time to be banned as I had to leave all of my TV peeps hanging. Long story short: I was stopped out of most of my previous trades and ended up re-entering at a lower price. I expected a much bigger bounce from my trades as almost all of them were (and still are) in deeply oversold territory on the RSI. Nonetheless, I don't expect to exit again until we at least get a bit of a bounce and exit oversold territory on the RSI charts.
Below you will find my new entry price (where red turns green), my initial target and my initial stop limit. All of these are subject to change as time goes and I continue to re-assess price action.
This is not financial advice. Just showing you all what I am doing here.
Best,
Stew
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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