Crypto Analysis Report 5-5-18 Litecoin, Next Test Are The Sellers At $180
I last wrote about Litecoin on 3/28, in that post I stated,
The momentum is to the upside now. This upward momentum has been confirmed by RSI breaking through the trendline that was established in mid-Feb. However, as price made its way down from $210, it formed levels where sellers are interested in shorting price. Thus, as price continues to move up, the buyers will battle the sellers at: $160, $180 and $210.
I also mentioned my preferred set-up was to wait until price takes out the sellers at $160 and buy on the pull back as indicated by the orange arrows. The entry would have been at the level between $140 and $150 (yellow rectangle) where there were buy orders sitting (pink arrows signifying buyers). As you can see once price reacted to the sellers at $160, price never got below $140 due to the buyers holding that level.
Whether you are in now or before at a much lower price, the next hurdle are the stack of sell orders at the $180 level. That level represent orders in the middle of the curve (range), so I would expect another pull back...slightly, but ultimate I would suggest taking some profits at $200. $200 represents a psychological level, but also there are sellers at $210. The $210 level represent the origin of sellers who took price all the way down to $110.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Hmm yep we are getting into the bullish trend I strongly believe
Nice analysis! I always hold a core position in LTC but I do use it to buy other things or trade it every once in awhile. I did manage to pick some up in the low $100's (just a small buy) and have been pleased with the results so far.
Looks like we're getting ready to do battle with that $180 level you mentioned as the price I'm seeing at this moment is about $178...
Thanks. Nice pick up, we must trade like the Smart Money and buy low when things are on sale and sell high at whole sale price.
Oh for sure...selling high can be tricky business though in some cases. For example, I sold EOS the first time it hit $8 because my average was well below $2 for the vast majority of it and it got to $8 so quickly once it started rising I thought surely I can pick up a lot more when it drops back down below 4 (which I thought was inevitable)....well that never happened but thankfully I still have some left. Not as much as I'd like though. Lesson learned! I'd be 5 figures (barely) richer if I'd just held it all.
It's never wrong taking a profit. The important thing is before you enter a trade, know your stop limit and profit target. I wanted to buy some EOS, but it never hit my level at $3.00. I think another opportunity to get on board is at the $14 level and/or the $11 level.