Litecoin decline has begun.

Litecoin decline has begun.

By MadMaxx | Psycho Crypto | 28 Jan 2020


I called this.

So some time ago(I believe yesterday), I advised that it be best that traders close their longs on LTC, because it was quickly approaching resistance 1.

You can check out my post here if you think I couldn't have called that.

Well, LTC is currently down 1% on the day. Traders who didn't close their positions could have made a few more dollars, but had they decided to keep riding the wave with no stop loss, they'd have bled their profits much quicker than they had made them.

(There were some doubters, but that doesn't bother me because they didn't really sound like they knew what technical analysis was anyway.)

Now I'm not saying you should ever blindly take my advice. I am human and will most likely be wrong at some point. I write these posts so that you can at least have some insight on what the market might be doing from another point of view.

My personal rants aside, LTC has formed a few red candles along the way down from the resistance. 

Either of two things can happen: The price could keep rallying down to support 1, or it could form a temporary resistance at this new level, maybe form a rectangle around this level and range for s few hours. Either way keep your eyes peeled. Something is about to happen.

As always guys, thanks for reading and DYOR!


MadMaxx
MadMaxx

Shitcoin flipper. Derivatives and options trader. Bitcoin and Ethereum futures and inverse swap contracts. Professional trader. Never financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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