Good Sunday everyone! I am happy to be here to write a quick update on LTC.
I'm guessing everyone reading this is smashing the weekend as usual! Make the most out of them!
Anyways, about the wicks. This trade is pretty dependent upon BTC. If you have been reading my posts on BTC/USD you can see I'm expecting a drop to mid $7s in the next week. Personally, I thought we would be grabbing the bull by the horns in late April, but this pattern has dragged on for a lot longer than expected. Come on already! Let's hope (for the Northern Hemisphere folks) summer brings the parade of the Bulls. When BTC is a bull, alts like to play.
Little side tracked there. When BTC takes its drop, just as it has before, we should see LTC take a quick dive down to the range of 0.0149-0.0159 levels. If this occurs, we can expect a very fast move upwards to 0.02-0.025 levels. This would yield a 20-60% gain on BTC. This would be a great profit taking opportunity if you don't like to use Tether or USD in bear times.
For a more long-term outlook, we would expect a quick rebound to 0.018 levels and would recommend a buy around there (after the 0.02+ sell). Then do what traders hate...HODL. Why? Well, we saw what CME did to BTC...we are about to see what will happen to ETH...what will be next??? LTC. That will be one of the most profitable moves to make on LTC for 2018 in my opinion. You do not want to miss that.
So short-term, get ready to catch a wick, ride it for a quick sell. Catch it on the rebound. The key here is what happens with BTC. LTC is going sideways since BTC hasn't really moved much. Once we get a quick price movement, LTC will react.
That's it for today. Keep enjoying the day! As always, come join our Telegram. We are building up numbers so we can bring ICO airdrops to you, start doing raffles, and keep everyone up to date on our Large-Cap portfolio, 50 LTC/BTC trades to $1M, and soon more!
- DA BULL
I'm guessing everyone reading this is smashing the weekend as usual! Make the most out of them!
Anyways, about the wicks. This trade is pretty dependent upon BTC. If you have been reading my posts on BTC/USD you can see I'm expecting a drop to mid $7s in the next week. Personally, I thought we would be grabbing the bull by the horns in late April, but this pattern has dragged on for a lot longer than expected. Come on already! Let's hope (for the Northern Hemisphere folks) summer brings the parade of the Bulls. When BTC is a bull, alts like to play.
Little side tracked there. When BTC takes its drop, just as it has before, we should see LTC take a quick dive down to the range of 0.0149-0.0159 levels. If this occurs, we can expect a very fast move upwards to 0.02-0.025 levels. This would yield a 20-60% gain on BTC. This would be a great profit taking opportunity if you don't like to use Tether or USD in bear times.
For a more long-term outlook, we would expect a quick rebound to 0.018 levels and would recommend a buy around there (after the 0.02+ sell). Then do what traders hate...HODL. Why? Well, we saw what CME did to BTC...we are about to see what will happen to ETH...what will be next??? LTC. That will be one of the most profitable moves to make on LTC for 2018 in my opinion. You do not want to miss that.
So short-term, get ready to catch a wick, ride it for a quick sell. Catch it on the rebound. The key here is what happens with BTC. LTC is going sideways since BTC hasn't really moved much. Once we get a quick price movement, LTC will react.
That's it for today. Keep enjoying the day! As always, come join our Telegram. We are building up numbers so we can bring ICO airdrops to you, start doing raffles, and keep everyone up to date on our Large-Cap portfolio, 50 LTC/BTC trades to $1M, and soon more!
- DA BULL
Trade active:
We still have not seen the wick we are looking for even though the price hit our targets already. The wick will be a "hammer" candle. A hammer candle typically has a very short to no wick on the top with a long wick on the bottom. This tends to be confirmation that a reversal is taking place - a reversal meaning an end to the previous trend.
Comment:
If the wick is going to occur, look for BTC to break out of its current upper resistance (see updates on triangle dance) and retest this resistance as a support...entering long here and a little on the wick is our positioning here.
Trade active:
We almost have a hammer candle formed on yesterday's close. Typically we like to see the wick be a lot larger than the body, but the positive is today's candle is green...that's about it. Typically we want a bullish engulfing to form (where the green candle body is larger than the previous day's body). We can wait one more day to see how that progresses. MACD (pictured below) is giving us a drawn out bull sign and volume is picking up a bit. Stoch RSI is oversold as well. Indicators are pointing bullish, candlestick reading is showing a potential reversal - but nothing I'd take stock in yet, and BTC/USD (which effects the entire market) is in a similar boat. We are sort of at a waiting period to see where we go from here, but keep in mind we did reach our desired target. Conservatively I'm long on LTC from here and feel content getting LTC/BTC below 0.016.
