Litecoin - Play the Pump and Dodge the Dump

BITFINEX:LTCUSD   Litecoin / Dollar
Full post on my Yours blog (in my signature) with lots of complimentary fundamental analysis and an optional trading structure and update thread.
Litecoin is goin’ up, and many people are ecstatic. Congratulations to all LTC holders on realizing gains on your investment. I know with how this coin dumps during downswings that it hasn’t been easy. To those who had strong hands, you earned your money.

I believe that when investing, fundamentals are everything. You start with a bed of fundamentals and then technicals are the next step.

When day trading, fundamentals matter pretty much not at all. It's all about what's going up and what's going down, and people chase these gains to various degrees of success (or lack thereof).

So, which path to follow comes down to whether or not you’re here to play the pump and dodge the dump, or here to invest in Litecoin.

Right now, the pump is starting to look over extended and it may have some pull back in store for it. That being said, it does look like it has room to move upwards and we may see a visit to the top of the yearly channel, and perhaps even beyond.

Check out Yours (in my signature) for more.

If you benefit from my posts, please take a moment to sign and spread on social media the below:

Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

Kommentar: Price action continues to break upwards towards $200.

This is a key level in the trade structure, but has come very quickly.

Update #1 to trade structure on Yours (In my signature)

Update #2 on Yours. Starting to wonder if we've run out of momentum before $200.
Kommentar: Nope. Just faking out. Take profit target reached. Next target incoming.

Happy trading Litecoin friends!
Kommentar: Update to trade structure thread on Yours (in my signature). Price has hit first target and quickly approaches second. Very bullish action. We may see a run even higher depending on how it reacts at second target.
Kommentar: Round 2 at short term double top

$235+ or death... hmmm...
Kommentar: Looks like no double top. Update #4 on Yours (in my signature).

Looks like there's more room to go, but it's a bit of a dangerous situation.
Trade geschlossen: Ziel wurde erreicht: Target reached. Update #5 to Yours post where I make recommendations for how to deal with this level, what to watch out for, and how to deal with further upward movement, if it comes.
Kommentar: This pattern at a top

Is generally not bullish. I am anticipating a dump. That being said, it's been very bullish and I am a relatively cautious trader.

I feel stoch and momentum are showing reversal, and immediate price action is also a small double top.

I prefer to take profit and manage risk more tightly. But there are various approaches that count as good.

Taking profit is required here though, in my opinion.
Kommentar: Earlier target was hit, for Yours readers. New update in the post. Looks like we did pretty well though it broke out further upwards overnight.

Right now it's looking like it may stall out here.
Kommentar: New update on Yours. Second, larger target reached. Still no pullback. This is not a good thing and the pattern stinks just like the IOTA scam coin pump did.

Be weary of retracements.

This extended period over 300, in my experience, is often whales keeping the price up so that they can use time to form their inventory sells and their short sells.

That being said, bulls gonna bull and it may merely retrace. Again, I warn that Litecoin is a coin that's often subject to violent corrections.

It's also due for pullback.
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

Goldbug has a nice writeup about LTC and how it's been picked up stateside by Coinable users - hence the "double pump".

+1 Antworten
DVemer DVemer
@DVemer, Sorry - Coinbase ( Spellcheck )
+1 Antworten
@DVemer, I think hes right. Hence the massive ETH pump too. But looks like coinbase had to stop the purchases of LTC and ETH about 5 hours ago. So price is stable. But once it restarts, expect it to moon rocket, everyone has seen the LTC pump, and now more US consumers are going to want to get in on it. Its like a positive feedback cycle....
Finally stoped looking just at BCH. Happy for you!
@webmi, There's nothing but pump and dump shitcoins in this market besides Bitcoin(s) and maybe Monero.

No offense to LTC enthusiasts but it's pumping because of Finex and Coinbase and Charlie Lee is just a complete cockroach.

webmi RiversAndMountains
@RiversAndMountains, And with BCH you want to make world better,... :) yeah right,... Write a book and fly with dragons then
@webmi, As i was reading your BCH posts,... every day,... is THE DAY, but it is not,... every hour is THE HOUR, but it is not,... what is shit coin?
@webmi, I highly doubt you've actually read my posts. There is simply no way you have the attention span to read 4,000 words.

It's evidenced in what you say too.
webmi RiversAndMountains
@RiversAndMountains, As i said. Go and write a book, you almost (did it already) about dragons, grow a bird and,... Go luck!
Maybe a children's books, since you posts are full of pictures and fantasy stories allready.
I love your analysis riversandmountains! I saw you mention goldbug1 in another post of yours and liked his takes a lot -- are there any other tradingview authors or websites you recommend? I've read most of your articles and am looking for more high quality reading material. Thanks!
+1 Antworten
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