Welcome to the first post in this series!
In this series, I'll pick apart a certain Cryptocurrency and it's daily chart. Then I'll tell you what I think, and if I'd personally enter a trade or not.
Oh, and these will all be cryptocurrencies I own. I won't disclose my balances for obvious reasons, but that won't hurt the content in any way.
Let's get started!
So today, using my Short term Bollinger Reversion strategy, I caught a few pips here and there on the LTC chart.
In fact, I delayed all my posts till 6pm London time because of just how much profit there was to enjoy today.
I'm really happy with the way today turned out. And the strategy worked its wonders as usual.
So without further ado, let's see some charts!
Full disclaimer: I personally use Binance and have a Trading view pro account. My stats will vary from yours if you decide to use any of this as investment advice, which you definitely shouldn't.
As we can see from the chart, LTC is in a short term downtrend, or let's call it a consolidation.
In the event that it does break below the neckline and move downwards towards support 2(it's at support 1), it would lead to imminent disaster.
Now, trading view pro says to buy this cryptocurrency. And that will be a good plan if you're really short term bullish. I mean you'd have sold it in the next hour bullish.
But for others, this is a prime time to close all open positions in LTC and await it's imminent downfall.
Thanks for reading!
PS: if you want some free Litecoin to try out, check out this verified paying app! It's free!