Alts Giving a Modest Bounce But Volume Lacks

Well it is nice to see a little green out of the alts the past 48 hours, but volume is lacking so it may just be sellers tacking a break as opposed to buyers coming in.

Taking a look at some bigger alts…

Looking at LTC you see volume is lighter than usual and a little bounce should not be of surprise as price had sold off 5 straight days.

I do like that this bounce we create a higher low from that bottom around 80.  Either way, nothing too exciting going on.

Ethereum range bound

Ethereum has been bouncing around  between 200 and 230 roughly for a little while now.  An uptick after touching 200 yesterday is also not much of a surprise, volume is also very light on this up day.

Action is muted

At this point I’m waiting for the alts to do something, the market is rather quiet otherwise.

Waiting for an Alt Rally: An LTC vs BTC Analysis

Anyone paying attention to crypto knows that BTC has been soaring against alt coins for most of the year.  Many alts are near their yearly or all time lows versus BTC.

So when is the right time to get into alts?

LTC vs. BTC analysis

Looking at the daily chart of LTC vs BTC you can see price is currently testing the most recent bottom.  Obviously if price holds here then we have a double bottom in that we may be able to trad off of.  However, the ultimate lows are still a but further away at .007.

From a risk-reward perspective the trade really isn’t all that bad right here considering price was at .017 just a couple months ago.

Even if price went to the lows to stop you out, it would be only a .0015 loss compared to the possible upside of .009

That’s a 6 to 1 risk-reward ratio!!!

If you have ever read the book Money: Master the Game from Tony Robbins there was one of many themes found when he interviewed top money managers.

They looked for investments that offered 5 to 1 risk-reward scenarios and mainly stuck to that rule.

As for LTC against BTC it could certainly continue lower, especially considering BTC has its halving next year and LTC just completed its.

I’m just saying, from a pure trade perspective there is definitely solid arguments for getting long.

 

 

Litecoin: Why am I Long This Chart Right Now?

If you take a look at the daily chart of litecoin things do not look great from a technical standpoint.  I hold a long-term position and even added on the last bounce even though on the short term things don’t look bullish.

So I ask myself the question…

Why am I Long This Chart Right Now?

Head and shoulders patterns I feel have become less reliable than you would normally assume, but that doesn’t mean we can ignore them.

Look at the chart…..pretty clear head and shoulders top followed by a break down and then rally to the neckline around 100-105 which then failed and here we now have price floating in the middle of no man’s land.

We can easily go back down to text the recent low of 77 and possible lower if it were to fail.  On the other hand bulls can step in a buy out of nowhere (as happens in crypto from time to time) and push price to test that neckline again and possible make the pattern moot.

The point is…

There is no real clear edge….and if there is one then it is biased to the downside.

The funny part it – I don’t have this trendline drawn on the chart but you can see there is an uptrend starting in April going into July that has been broken and then tested on that last little bounce only to fail.

Can you see the uptrend line I am talking about….try to draw it on the chart if not. 😉

Litecoin Looking to V-Bottom

After a nasty drop that took price through the 108 support litecoin found support and has rallied hard from $77.

Big V or Little V?

Looking at the daily chart you can see price has already begun a V bottom and came right to the last little consolidation point during the sell off right around 105.

Intraday price has seen a little fight at that price so the question is will price stall here and just give us a little V bottom recovery or are we set to see a push all the way back into the 120’s.

That would be a full V bottom recovery and is very plausible.   I do like that after price rallied hard we got a little sideways consolidation for a day and a half before this current candle pushed higher again.

Upside/Downside

On the upside…breaching 105 to broach the old 108 level is a start.   After that I think there is a possible clear run to 120.

As for the downside, well really price needs to hold 95 in order for the price action to remain bullish in regard to this move.

I did add some long at 99 last night with a stop loss just below 95.   If price struggles to pass 108 in the coming days I’ll consider taking profits otherwise I want to see 120 for a full V bottom recovery.

Dolphins Like Cryptocurrencies Too

This upcoming football season will be the Miami Dolphins’50th season in the National Football League.  Last season the Dolphins finish with a winning record for the first time since 2016.  Recently, the Miami Dolphins made moves to win off the field as well by teaming up with the Litecoin Foundation, making Litecoin the “Official Cryptocurrency of the Miami Dolphins.”

Launching for the 2019 NFL season, the collaboration with the Miami Dolphins gives Litecoin the ability to tap into one of the NFL’s largest and most passionate fan bases through in-game branding and advertising opportunities at Hard Rock Stadium, as well as inclusion across the team’s various online properties and digital content.

Through the partnership, the Miami Dolphins, Litecoin and Aliant Payments intend to give home game attendees the ability to pay with Litecoin and Bitcoin when purchasing tickets for the team’s 50/50 raffle, where half of the proceeds benefit the Miami Dolphins Foundation and its charitable causes. The 50/50 raffle tickets can be purchased both online and at 14 kiosk and raffle seller locations throughout Hard Rock Stadium.

Source

Keeping up with the Joneses applies in the business world as well.  However, in the business world, it’s not about social class, but just remaining competitive.  The Dolphins might be the first, but won’t be the last as other teams will copy the business model to give fans and customers what they want to maintain engagement, which in turn will lead to profits.

As price pulls back almost 50%, the chart suggest to go long at Litecoin at the daily demand at $75.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

Litecoin Answers Quick as Market Sells Off

Roughly 24 hours ago I did an analysis on litecoin discusses the upside and downside scenarios out there.  Price had been consolidating for a while and a move was bound to happen in the near future – it didn’t take long!

Battle at Support

I mentioned in the downside 108 was a key level (give or tack a point) as it is evident when looking at both the weekly and the daily chart.  Much history at this level of reversals both up and down.

We saw the level come into play earlier today after price puked to 102.  Here is a chart of the hourly price action from the afternoon.  When it finally bounced look where it struggled and then ran out of gas.

Yep right around 108!  Price ended pushing back up against the level and the daily candle closed right up in the mix of it so really the answer of weather support was broken or not is debatable.

However, looking at the weekly chart, where this price support is vital shows that price is already pushing lower again…..

What is crazy is that when you look at weekly candles your “intra-week” highs and lows give you quite the spread.  You can see that 102 and even 98 are intra-week lows that if held is fine if we end the week above 108.  Atleast that is my opinion for LTC to remain bullish.

I’d rather buy 102 and 98 if I get the chance, knowing my downside exit is near, which is why the coin I got at 110 from an open order I forgot I had (doh!) I quickly closed out at 107 for a tiny loss as I want that capital available for purchases at the lower price points if they become available.

Either way, it will be interesting to see how LTC reacts in regard to BTC, which sparked the market sell-off and on the weekly chart has me skeptical about going higher before pulling back a bit more over the next week or so.

Litecoin Price Has Us Sitting With Anticipation

Anyone who follows Litecoin knows two things.  One of which is that the halving is happening in roughly 26 days.   At that point each mined block will be worth 12.5 coins rather than 25.

Second is the fact that litecoin had a nice bull run prior to BTC and much of that is assumed to come from the speculation of price running up into the halving.

Pausing to Pick up Steam or Already Passed the Peak?

There are a dozen ways to skin a cat as they say.  So when you look at the prior litecoin halving you will see stats that show a 400% percent run up into the halving, you will also see data that points out the top of that run was about 7 weeks prior to the actual event.

So the question is if history will repeat itself.  With the halving just under 4 weeks away and LTC topping out at 147 roughly 3 weeks ago the ingredients are there for a repeat of history.

We are not in a vacuum and apples aren’t oranges

The market now compared to 2015 (the last halving) is very different.  LTC wasn’t on exchanges like coin base and many others back then.   The market was very crypto fan centric then as opposed to having some average joe and institutional influence now.

I won’t dare use the term “this time it’s different” – famous last words of many.

However, I will recognize the different environment and act accordingly.

What is the chart saying?

In the end the price chart is old reliable for me.  It allows me to figure out probabilities and enter appropriate risk-reward scenarios.

Looking at the daily chart…

I see price consolidating after breaking down from the ascending channel formed in the 2 month bull run.

They keys is price tested and held that 108 area support after breaking the channel.  Looking at the daily chart the conclusion is a coin flip in my opinion.

Price could test 108 or even push lower considering it made a lower high after bouncing off support.  It could also push higher after digesting that large two month run in anticipation of the halving.

Either way, no clear edge in my opinion.  Advantage = neither direction.

However, let’s see what the weekly chart gives us, how does that price action look?

They weekly view makes me feel a bit bullish.  You can see after the run up price made an orderly pullback to that key 108 area and held it while letting the 10 period moving average catch up.

I really like that price is not extended on the weekly anymore relative to the 10 period as that average has acted as a good guide for when not to chase price and as possible entry point on a pullback in a bull run.

Basically as long at price is above 108 I’m long.  If we close below there then price seeing 100 would not be a surprise.

As for the upside, well that high at 147 would be the target if we see a run into the halving.

To trade or not to trade

From a pure risk-reward profile, if I were to add a new long here at 120 with anticipation of a run to the high then that would offer me a just over a 2 to 1 risk-reward on my money.

Not the greatest ratio but above my minimum threshold of 2 to 1 or better.

Either way we should get some kind of move soon as price has been consolidating a bit.

I’d of preferred to see price tick up over the last couple days with BTC pushing, but we don’t always get what we want.

I’m holding my long-term bag for now along with the handful of coins I added a few days back.

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If you are new to cryptocurrency and the blockchain download my free e-book:  Scaredycatguide to Knowing What the Heck Bitcoin Is

If you want to learn to read charts like ScaredyCatGuide feel free to check out my three part video series teaching support and resistance, u-tun patterns and time frame analysis, access is completely free!

 

 

 

Litecoin Pauses Before The Next Leg Higher

Litecoin has begun trending on the upside trend, signaling a major bull run after finding a strong support above $125 price. Hence, LTC price is likely to break above the $135 resistance. Lately, Litecoin saw a sharp rise in the market, accelerating above Bitcoin, Ethereum, Ripple XRP to become stable against the US Dollar. After finding a crucial support above $125 price, LTC/USD trade pair has recently bounced back on the upside, rising above $130 price. LTC/USD trading pair is accelerating high in the market even above Bitcoin, Ethereum, Ripple XRP. Litecoin, as at press time, has tested the $131.40 level and it is currently moving high in the market.After trading low around $129 level, the altcoin recently climbed above $131 resistance level with 12% added value in the last 24 hours, and it is moving close to $135 as it continues to trend high in the market.

Source

The buyers have taken out the sellers at the daily supply at $137, with additional buyers for back up at the $115 level.

Because momentum is still to the upside and because of the upcoming halving (on August 6, just 73 days away the block mining reward halves every 840,000 blocks, and this one will see it decrease from 25 to 12.5 coins), look for price to move to the next level of major sellers at daily supply at $187.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

Analyzing EOS, BNB, BAT, ETH, LTC and XRP: A Closer Look

Like Bitcoin, many altcoins are looking ripe for a larger move.

EOS is peeking it’s head up and out of a wedge it’s been consolidating in these past few days.

Binance Coin (BNB) just broke out of the bullish, descending broadening wedge we discussed 2 days ago.

Basic Attention Token (BAT) is consolidating below heavy resistance and on top of an ascending line of support. It looks poised to breakout in the next few days.

Litecoin has been one of the most impressive coins of 2019. Last we spoke, it was finding resistance at $125. It has since broke resistance and, as discussed in

Litecoin Rips Through 120 Sets Sights on 170???

So litecoin is outperforming the other big caps in recent days and has made an aggressive push higher.  The move is getting a bit extended but that doesn’t mean it’s about to end.  So where can it go?
Extended but extending
To be honest., I was hesitant to get long at 115 the other day because when I look at the weekly chart price looks a bit extended.  On the daily chart it looked fine though, well until now where it also looks extended.

The reason I say extended is because it has pulled far away from the 10 day moving average (blue

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