Quote from: Globegains on August 06, 2017, 03:40:41 PM

Hi CryptoTraders!

decided to share my views on ALT coins price action. I look at price action only (most cases anyway), because only price pays

DISCLAIMER: this is not investment advice by any means! This is just my thoughts and simulation of possible scenarios.

LITECOIN (LTC/EUR)

See the picture:

Very bullish price action. LTCEUR has some good moves to make quick profits

1. Uptrend is clear and price is moving upward in a clear price channel bouncing up and down.
2. Strong uptrend trendline provides good support.
3. recently LTC/EUR formed very scary head and shoulders bearish formation, but it failed and now is history. I see that by touching 50 EUR mark the upward move stalled and correction unfolded. Key price support levels held and now it's preping for another upward move (or not

.

Still I see 2 scenarios: Bullish - more likely and bearish - less likely. Sideways action doesn't happen with cryptos so often Cheesy

4. Bullish. Price action just made higher low and now moving towards resistance to make higher high. If that happens I would wait for retrace (unless it is explosive move upwards due to news or etc.) and only when go LONG. Stop loss I would give more room to wiggle and set it at about 39 EUR. I think if it unfolds as I expect this setup has very good risk/reward ratio. It could go 50EUR again after this move.

5. For going SHORT I would like to see inverse of bull move. Price has to penetrate support at 32.5 and has potential to drop to 30 and below.

Thanks for reading. Give your feedback what you think? if you like it ask for your favorit COIN price action analysis and simulation.

Hey,

Nice to see more advanced traders helping newbies.