LTCBTC - Bullflag Formation - looking for breakout on volume to drive price higher!

satchmo (64) in bitcoin • 7 years ago (edited)

LTCBTC Bull Flag consolidation

LTCBTC 1 Hour time frame
Bull flag taking shape. Looking for volume to drive price above 170 day moving average for a breakout.
Screenshot 2017-08-18 16.45.22.png

4 hour time frame, Stochastic RSI and MACD curling up

Screenshot 2017-08-18 16.47.26.png

Edited to Include LTCUSD Price 4 Hour Time frame
Note the uptrend line, clear bounce with volume. Need to see more volume drive the Price higher. Take notice of the long oversold Stochastic RSI also.

Screenshot 2017-08-18 19.45.37.png

Anticipation is that BTC begins retrace here - Alt coins will generally appreciate against it.

TRADE: Take position here or on break out. Set stop below 4 hour 30ema, approx 0.0108 or 1-2 % below entry.
Alternative: ETHBTC

Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.

bitcoin cryptocurrency cryptoversed ethereum trading

7 years ago by satchmo (64)

$74.51

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misrori (63) · 7 years ago

I hope you are right! It is a great analysis

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2 votes

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satchmo (64) · 7 years ago

Thanks! Am not always right and thats why i use stop losses to manage risk. So far so good

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9 votes

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zhugeliang (35) · 7 years ago

I am still waiting for ltc to break 50!

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1 vote

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satchmo (64) · 7 years ago

I think we are getting close the inflection point, need to see volume to drive the breakout!

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zhugeliang (35) · 7 years ago

Now I am waiting it to break 70! :)

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aydotnov16 (40) · 7 years ago

📌What is investment?

⭕️Usain Bolt has won 9 gold medals in last 3 Olympics and he has run less than 2 mins on the track. That's economy of effort.

⭕️Usain Bolt ran for less than 115 secs in total in his 3 Olympics and made $119 million dollars! That's more than $1 million for each second he ran!
But for those 2 mins he trained for 20+ years ! That's investment.

💢Think long term. Patience pays ❗️ THINK BITCOIN

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1 vote

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satchmo (64) · 7 years ago

Absolutely, totally depends on individual style, Im looking for trade opportunities but mitigating risk by using stop losses. Very different, sort of like swing trading and picking a base currency (as you mentioned BTC {for now}). But its sort of an amalgamation of Equities Trading and FOREX - gives us alternative exits.

Suppose BTC declined but ETH maintained its USD value - BTC is your exit.
Or
As has occured, ETHUSD maintained a RANGE while its value in BTC took a steep decline - one could have profited in USD.

Trading, with skill, knowledge, patience and willingness to learn is a viable way to accumulate an investment - Require Diligence and Strict Rules based on trading plans.

Thanks for your comment - absolutely important for people to understand if they are investors or traders.

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aarcee (49) · 7 years ago

I think we are seeing something which is a both trading and investing instrument at the same time :-)
Trading is an irrational activity and investing is a rational activity. Right now bitcoin can both be traded and invested in.

Also, trading is short time (following the market without prediction)
and investing is long term (not following the market with prediction)

Have started to publish my trades recently.

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satchmo (64) · 7 years ago

I really don't think you can call trading irrational. Its irrational if one is gambling, but nothing wrong with it.

The prediction behind trading is the statistics driving price action, visually represented in a chart. It is tried and true, just the same as investing is placing bets for the long term based on fundamentals of the underlying asset.

Its a misconception that charts don't work or are self fullfilling, they are a predictive tool and it's not black and white, its more like, if this: then that, else this.

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aarcee (49) · 7 years ago

Not only Charts work they work very very well !! You can see my daily Bitcoin chart !!
And they work because they are irrational, its in chaos that order emerges... but its not predictive but following and there is just money flowing if you follow it (without rationality)... just like an emotion of love its totally irrational but extremely satisfying :-)