LTC BITFINEX 4HOUR !!!If you day/swing trade the big 3, LTC ETH BTC you should not be going long on LTC at the moment !!! always monitor the graphs and long the most bullish by basically trading the BTC graph. Example ETH is most most bullish on the day and it reacting stronger when BTC moves up, BTC is falling and it reacts strong to a support looking like it could bounce, Go long on ETH !! if ETH is also at a support it just makes things twice as good, Vice versa with shorting, Short the weakest!! This all sounds very simple and obvious but i forget this trying to be clever like today when i went long LTC in that circle! Reasons being BTC was at a support at the time and is was a beautiful spot to bounce for LTC, A dead cat bounce and i was stopped out, either way would of lost if i went on ETH but ETH still reacted stronger on the dead cat and if the bounce was real it probably would gave me more profit! Long story short do not try guess at the future just react to what the charts are telling you !!
LTC the weakest so far falling through the majority of every support its created accept the major one at 135-132, Playing LTC bearish instead of BTC would make the most sense, 145ish then 150 then 155, if BTC reaches 9000 and LTC is at 150, Depending on if you think BTC will fall from there, shorting LTC would be perfect the stop being slightly above resistance or previous 1 hour swing high, if it falls then sets a lower low and starts to rise again close at break even. Mainly because we have fell quite abit so far and a bounce or a slow boring climb is possible.
Dont let losers run which is also obvious but i also forget hoping it will fail the higher high and fall ! Hope is not a good trading strategy!!!
LTC might end up not falling as much as ETH or BTC if this short play works out but we cant guess which one will and its just unlucky if it dont !!!
