LITECOIN LTCUSD The breakout above the upper parallel of the flag formation was very disappointing. The failure has forced LTC back down the same parallel and rinsed out stale bulls along the way. It's now back to the start point and if it's going to rally now, it should be from here. Look to enter long again between 288 and 284 with stop below 282 for small loss if wrong from here
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Litecoin: LTCUSD Litecoin's rollercoaster ride continues. Having shot up 17% in less than 2 hours LTC ran out of buyers just under the old high. Running a trailing stop under a fast move like this is a great option for more than just day traders when they occur, especially if, like here, you can run a speed line under the entire move that ran trustworthy and true right to the top almost..note how the first red candles appear right as that little line is tested and then broken... (remember this pattern and when you spot it in a position you are long of know that every day trader in town has also seen it, knowing they have lost this trade on upside they can catch it on downside once the supporting line is broken. Having returned to the start point, rinsing out every stale bull in the process it's begun to stabilise at 280 spike lows with the medium term dynamic support line rising just below here. It needs to clamber back above 286 and to hold there before the bears will retreat now. It should be OK to buy on the next dip or as the upper parallel is broken on upside...try running a line under the rally if it develops from here and use a break below it as an exit. At all costs the trend line at 278 now must hold today at all costs.
I buy on Coinbase/gdax but I follow you and others on TradingView who you other sources. (such as Bitstamp). When the price hits the target price on here, how do I correlate it with the price on Coinbase?
sumastardon
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@Dachshundwizard, It's total mess still right now. But futures should help to 'regulate' the Wild West dealing anomolies. Eventually, just the same way the West was eventually regulated. Ask Billy the Kid about that. It will come and hopefully will be good for all of us eventually. LMAX in London are rumored to be starting covering cryptos in January. That could be a fantastic step forward both here and in US. Competition will come and shave margins and spreads. Just a matter of time. But until then all we can do is our best in a very difficult trading environment. I can use stops with IG in London but the spread is often 125 points both sides so can only trade swings...if awake when the turn comes and IG is open...Sunday for xample Bitcoin was just perfect at 7.30 am GMT at 13100 - but IG were shut until 8.30 and by then it had moved 2 or 3 hundred points and an amazing chance to grab 1000-1500 points was lost. Drives me as nuts as you by sound of it. And to add insult to injury I was banned for 3 days and so could not even write a buy note for Trading view who like to crock their writers at any opportunity...depriving a few readers of a great chance of good win, providing they can trade in US. Until January!
DVemer
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Goldbug1 wrote a lovely article about LTC & how it's being fed by the enthusiastic buyers on Coinbase, who don't have many options. So the timing may have something to do with it? America sleeps....
JRFreeze
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@DVemer, nice graph thanks! I figure that as these coins are driven pretty much entirely by emotion and belief we could be getting some fib action. Roll on 800!
Skatespeare
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Thanks for your analysis, as always :) Question: why do you set your stop so close? I always read that you shouldn't set it too tight, especially in a market like this that is so volatile.