In my last post, I posed the idea that we were forming a new larger triangle. I expected that we'd bounce around a bit between our $50 support level and the top of this new triangle before building up enough energy to break through our previous all time high. This we did! And to my surprise this price action occurred even sooner than anticipated! We are now well on our way to that $75 target that I've been calling for for several months now. Congratulations to all those who maintained stamina and faith in Litecoin while it was stagnant and it seemed as though ALL other coins were moving. It was hard. Trust me, I know. But your patience is now rewarded! So Congrats!
Your levels now are easy to remember. You've got two supports below you:
1) $57.75 2) $55
Possible strategy idea:
You wouldn't be wrong to sell here (currently around $65). I am thinking about selling here, waiting for consolidation, and repositioning when we dip back down to $57.75. However, that is somewhat of a risk as we don't know how high we'll go before the buying resides. There is a good case for this strategy however. Here's my case:
Near the top of my bull channel
Above top of Bollinger Band
RSI overbought
That is one long candle!
The choice is yours of course. But do let me know how you proceed. Will you play it safe and HODL? Or will you sell and reposition at a better price? I'm curious. Please let me know in the comments below.
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To understand what Litecoin is running into resistance-wise on the LTCUSD chart, you've got to take a look at the LTCBTC chart as well. Here you can see that we've run into .618 Fib resistance AND the top of our Bollinger Band. I wouldn't be surprised to see us drop back down to one of our supports at $57.75 or even $55 before we push through and move higher.
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Will be selling Litecoin here. I will wait to reposition back in around one of our levels: $55 or $57.75 pending further analysis.
Trade geschlossen: Ziel wurde erreicht
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Obviously, I couldn't handle taking my own advice and holding until $75. I was sure we'd dip first before continuation to $75. But nope! Straight to the target we went. Although I missed out on some huge profits in my gamble to gain more, I can't count my trade as a loss. I still made some huge profits in holding from $40 and feel good about that.
Now that we've reached the $75 target, I'm not even going to suggest that I know what my happen next! We may just go straight to $120?!?
I liked your old photo much better than your new photo.
stewdamus
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@Jason.b.swann, Oh you mean my bearded look? :-) Yeah, maybe I'll change it back.
cgavel
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Good call by the way! Like your style man. Charts are smooth and ez to read, thanks
Good night for now Phil. :)
stewdamus
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@cgavel, I try to KISS! Thanks man. Good night. And rest easy tonight my friend. You're in the green.
cgavel
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Oh forgot to say, just sold on 4 levels 61 to 64 plus and looking for a pullback. Or swap my positions with ETh. What I did was to sell Eth on the last bump and put it into LTC. So now in USD mostly. Watch some tonight and decide what action based on LTC And ETH whether to go all in on Ether now or wait for decent pullback on LTC and go back in? I need a break physically draining :)
stewdamus
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@cgavel, Yes. Good to take a rest anyways. It can be mentally exhausting when you have a lot on the line. I haven't sold yet but I do expect a pull back. You're not wrong to have sold. Though I am still expecting to hit that $75+ target or the top of my bull channel. If we get to either in the next week or so, I'll probably sell as well.
cgavel
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@phil.steuerwald, pretty darn good that we both had that $75 target, just diff ways to get there. Ultimately, I think before end of 2017 LTC will be running up to $115 to $ 135. Good trading Brother.
stewdamus
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@cgavel, Yes. I'd agree regarding the $115-$135. Though my time frame to get there would be around Jan-Feb.