Reasons Why buying TRX now.
1) Long-Term hasn't been hit.
2) Historically Buy Volumes outweigh sell volumes meaning a lot of people holding
3) C was hit with a god 0.618 wick
4) Consolidation is good at this level.
5) Ascending forming
It might struggle a bit at this levels or we might get a sudden jump to the upside. Don't panic if it goes below the .786 or at the level, which could very well happen. Only keep an eye when the long term is being hit. Which is possible but unlikely.
Again our D and the main target is .00003321 (Aprox$0.56) meaning 300%.
And People PLEASE UNDERSTAND THIS DOESN'T HAPPEN OVERNIGHT. Swing traders are PATIENT. If you don't want to trade like this go and follow a Scalper or a Daytrader. They can help you better. I don't Scalp and I don't day trade. But we provide consistent profits over time.
Please remember this IS NOT A TRADE TO DO WITH MUCH CAPITAL, Alts are VOLATILE. Invest small and as your confidence grows as well as your profits, go in bigger.
If you are hoping to get rich quick with Alts. this is not the place, you can get a lot of money from better assets but not crazy profits like these.
Keep safe and wise Trading Everyone!
Hopefully, this will be a great 2018!
Things to consider for holding:
1) Current minor AB is holding to the upside.
2) We have double bottoms at the Pivot
3) Pivot is right at the .618 of the Minor AB ( a good place for a scalp entry)
4) Since the slide on the 31st we have seen higher lows
5) Good Piercing Line candlestick formation
6) Possible Kings Crown (Head & SHoulders) missing right tip of the crown (right shoulder) to confirm the reversal pattern.
All in all, technicals are there. Fundamentally speaking LTC still has traction in the crypto world and good volumes, which makes for a healthy coin.
Will advise if the tide changes. For the moment just Sit on your hands! If you are in stay in. and play small money in alts or take a walk. If eager to get in it is a good entry WITH RISK since we have no confirmation of a reversal pattern as of yet, although all signals are pointing to it.
As always trade wisely and always remember that you trade to make money in the long run not overnight!
Price action seems to gravitate around the.618 of the Daily Chart.
The GOOD NEWS?
-We are showing signs of recovery as the higher lows keep creating a triangle formation.
-We could expect some consolidation once the breakout happens back to the previous levels at around 1000 sats.
Consider your SL at .00000650. If we break this support we might be looking at a full reversal so it is better to save the pain and wait for a confirmed recovery.
Please be aware this is not a REVERSAL PATTERN. therefore, we are just hoping this will be the end of the daily pullback to the upside. COnfirmation is still required to assure bullish movement.
Some call it the dead zone! Volumes are also down, so just sit and wait it out.
Why are we still active in the trade and in fact buying more. That is because the potential is great. yes, it is risky, but let us not forget we cleared 300% in the first order so we are running with free money for this trade. That doesn't mean we are reckless, but there is plenty of reason to believe that the bear move is exhausted. RSI seems to be oversold, and the order books seem to show large orders placed.
Overall, the spike was great to take profits, now we have to focus and collect little by little in a slower manner. The potential is there and everything still is showing positive signs.
Just sit down relax and let this week pass by.