Litecoin: LTCUSD Update and stops for remaining longs
Litecoin: LTC
Longs should have been out as the dynamic support failed at
around the 276 level - see how often there will then be a
challenge of the same support from the underside, which
works for an hour or so before it falls away...not always, but
maybe 50% of breaks are like this and the other half are
clean, hard and fast.
Last comment suggested looking to buy again at 245 with
stops below 238 - well it wasn't very helpful, with a spike low
at 235 so some will have been carried out with the rest of
them...if you set your stop under 234, well done. But LTC
must continue to hold up here at lowest - and that depends
on Bitcoin holding up too, which is unlikely looking at that
chart in isolation...so if still long here be careful. Any break
below 234 by more than 5 points is unlikely to be a fake-
out...it will then likely fall to 219-210 minimum and more
probably to 188-172 range where we can look to pick up some
more.
Longs should have been out as the dynamic support failed at
around the 276 level - see how often there will then be a
challenge of the same support from the underside, which
works for an hour or so before it falls away...not always, but
maybe 50% of breaks are like this and the other half are
clean, hard and fast.
Last comment suggested looking to buy again at 245 with
stops below 238 - well it wasn't very helpful, with a spike low
at 235 so some will have been carried out with the rest of
them...if you set your stop under 234, well done. But LTC
must continue to hold up here at lowest - and that depends
on Bitcoin holding up too, which is unlikely looking at that
chart in isolation...so if still long here be careful. Any break
below 234 by more than 5 points is unlikely to be a fake-
out...it will then likely fall to 219-210 minimum and more
probably to 188-172 range where we can look to pick up some
more.
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