Welcome to another trade idea for entry and potential profits. Currently, litecoin is making a consolidation pennant. The idea for this trade is simple: wait for the bollinger bands to tighten up on litecoin, and then after they are sufficiently tight, litecoin will break out of its consolidation pennant. A break to the downside would mean sell / short / or otherwise do not touch. A break to the upside is a potential buy signal. 4 hour candlesticks used for this chart. Heiken Ashi candlesticks used to identify potential trend to ensure that there is not a "fakeout" manipulated breakout to fool traders by market manipulators. Bollinger bands in play, as well as a hand-drawn consolidation pennant resistance and support.
I am not involved in this trade until I get a clear signal - 2 candlesticks of the same color as well as breakout with sufficient volume.
Please note that I am not a certified securities professional. I am not qualified to give a recommendation. I am not giving a recommendation. Past performance is not indicative of future performance. Please consult with your financial advisor before making any financial decisions, or otherwise do your own due diligence.
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Note: Green "IN" signal was from previous idea - daily Kijun of the ichimoku indicator. Previous idea was successful; in at 41-43 (the low), out at 46.
Sorry I never got a chance to update this chart in time. Trade idea is already over. We broke below the triangle.
unitednoobies
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You are more right then wrong especially in regards to manipulators. Even though I would like to the price fall to 37 -43. At the current rate, it seems people are holding and waiting for an upside move than vice versa. I have already sold a good portion of my LTC at 47, entry level 30.80. I believe we are here to stay at 50- 53ish. Maybe even 56. But I will not buy in until there's a more indication on buying volume. Still must be very careful of market manipulators and with this whole BTC hard fork plus LTC August MIT myth. This could just be a false breakout of buy the rumor sell the news type of scenario. We shall see. What do you think?
DJPandaBites
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@unitednoobies, Yes, I find it troubling that the MIT thing hasn't been dispelled yet. I do think LTC is undervalued regardless. Look at applications, and then look at market cap... this should start approaching Ripple's cap in the coming weeks. The talk will be LTC overtaking ETH mkt cap before you know it...