Not going much into this one. I only have the bandwidth to focus on one of these wretched coins these days, and for some strange reason it's Litecoin. I have a slight soft spot for it, since it was largely my entry into my crypto phase at the end of 2017.
Just looking for a fun trade. Nothing fundamentally attracts me about crypto these days. But, I still like to play around.
I had a failed long position earlier in the last "cycle" and Litecoin repeatedly failed to break out above the $130-140 range. I got out without much of a loss. Recently, I've been able to buy back in lower, starting with $72 and more recently today at $60.
As it seems somewhat predictable, it also follows that LItecoin has a high probability of eventually doubling from these levels....but, there's still risk here, obviously. It really has one last remaining possible "uptrend," which can be drawn to line up with the $46-48 area currently. Below there, and we could see $20 LTC again.
To see $100+ again we'd have to bank on 1 of 2 things at least happening:
1) Bitcoin holds here and at least bounces around a bit before ultimately heading lower. LTC/BTC rallies, as it characteristically does at the "end" of the cycle. LTC seems unlikely to go up if Bitcoin just continues down from here.
2) Bitcoin pumps from these levels and heads to a new ATH.
Let's see. Targeting these broken uptrends, for starters.
-Victor Cobra
Just looking for a fun trade. Nothing fundamentally attracts me about crypto these days. But, I still like to play around.
I had a failed long position earlier in the last "cycle" and Litecoin repeatedly failed to break out above the $130-140 range. I got out without much of a loss. Recently, I've been able to buy back in lower, starting with $72 and more recently today at $60.
As it seems somewhat predictable, it also follows that LItecoin has a high probability of eventually doubling from these levels....but, there's still risk here, obviously. It really has one last remaining possible "uptrend," which can be drawn to line up with the $46-48 area currently. Below there, and we could see $20 LTC again.
To see $100+ again we'd have to bank on 1 of 2 things at least happening:
1) Bitcoin holds here and at least bounces around a bit before ultimately heading lower. LTC/BTC rallies, as it characteristically does at the "end" of the cycle. LTC seems unlikely to go up if Bitcoin just continues down from here.
2) Bitcoin pumps from these levels and heads to a new ATH.
Let's see. Targeting these broken uptrends, for starters.
-Victor Cobra
Trade attivo
Entered at $72 and today at $60. Last buy in point would be around $48-50 if it makes it down there. Nota
Maaaaaaybe it can make it to the mid-$200's. But honestly that seems laughable at this point. Wouldn't complain though. Nota
Added at $53. Perhaps one more add between $40-50 if it gets there. Risky trade but can use some excitement at the moment ;) May abandon this and preserve what is left of the trading stack if it breaks below $48 and stays there, accepting defeat.
Regardless, glad I took major profit on my crypto positions a long time ago.
Nota
Ok, I missed out on $46-50 because it occurred while I was commuting, but let’s see how high this bounce goes. Nota
Not looking great, but if it can break above that secondary downtrend, perhaps there will be a larger bounce. Already broke above the initial wedge. Otherwise, breaking back below $50 beyond a wick would be a bearish signal. Nota
Alright, out of all local downtrends. Let's see if it can produce a bigger bounce towards $60+. Depending on PA and broader market conditions, I may get out near break even on this one (average entry is $67, way lower than my entries from last year). Nota
I did add 12% more at $55. We shall see. Some signs of short term bottom at least. Nota
No meaningful direction here, and looking weak against Bitcoin. We should get some kind of decision soon, with these MA's all lining up. Nota
Buyer volume does seem to be tentatively stepping in. As long as sellers are completely exhausted, perhaps that big downtrend can break and price can head back towards $66. Nota
This short-term resistance is excruciating! These days, crypto really tests traders' patience. The entire market is basically a trading casino. Nota
If it breaks up, it should go quickly towards $59-60, at least. If this broader structure breaks down, my guess is the next stop would be around $37. Nota
Broader structure: Trade chiuso manualmente
Decided to abandon this due to continued underperformance, particularly on the ratio. Maybe it can still pump, but I don't find it particularly exciting anymore. Decided to go with ALGO for my current crypto allocation. 
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.