Ltcusdshort
LTC: Support and ResistanceThose of you who saw my chart yesterday know we correctly called the bottom AND the bounce back up. This was done with simple triangulation...two weeks ago. So it's not all about the fancy TA tools.
So where are we now? It looks like we aren't going to break out of our triangle yet, so expect some more ups and downs. These should resolve before November 4th, but whether it'll be in two days or two weeks I can't tell you. Once it does resolve expect a big movement in whichever direction it chooses to go. I'm personally bullish (we're above the middle line of the triangle, and in the lower part of the year long channel -- so there's plenty of room to grow), but it's more of a gut call at this point. Ichi cloud is bearish, so think about it and make your own call.
Support and Resistance:
$53.60 This is the bottom of our triangle. If we break out of it we risk a serious dip.
$55.40 Week long support (strong)
$57.50 Two day support (weak)
$59.00 First resistance point
$60.15 Second resistence point
$61.33 Top of the triange. If we break out of this -- and hold -- expect a large rally. This is the potential moon shot.
Strategies:
Personally? I'm long, so I'm just going to hold.
Day traders should look for the resistance points. If we bounce off of them there's an opportunity to sell and then buy a few bucks lower.
Stop loss should be around $52.
Short Litecoin for the next hours. Low volume. Reward 3:1 ratioAll altcoins are underperforming compared to Bitcoin. LTC is the same as others. Short it for the next hours and then buy it again.
As always if you have any different idea lmk, thanks!
