I'm flat here, but I see LTCUSD has coiled for a while and is now trending down. Once it breaks the line here in red, it will start sliding down sharply. Implications are we hit minimum target #2, but possibly all the way down to target #3 here, which would erase all the gains it made since they added Segwit to Litecoin. Talk about downside potential... It might be worth joining the short side, either on retrace after this week, or breaking down below the level I'm setting alerts at here. I'll watch the daily and weekly charts closely to short it, if viable. Otherwise, will be glad to pick it up on the long side after this drop pans out (and Charlie Lee, will probably do the same as well...)
Best of luck,
Ivan Labrie.
코멘트
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Working well.
코멘트
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Waiting for buying to be absorbed before entering short here. Technical traders started buying LTC but I believe longer term smart money is selling. They will either sell into their buying here for a sideways move during a few days, or let them buy and short again higher. If price erases last week's range, then buyers won. We can short once the buying momentum is exhausted.
What's the point to scare the shit out of investors and create panic selling? Maybe buying LTC cheap? LTC is triple bottoming on LTC/BTC and LTC/USD pairs
bearviewer
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good i sold LTC with a loss but veeeeery light loss thank you.
IvanLabrie
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@LucaMonterisi, that was the idea with publishing, I've tried to help people not miss the main major moves...I relegate the specifics and shorter term swings to my signals clients.
Mdotee.
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yikes
kashimura
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Your shorts are amazing Ivan. Thank you
IvanLabrie
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@kashimura, thanks for kind remarks.
Hopefully we get it right... Otherwise we just take the kids and move on.
Lanmar
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I'm coming up with similar conclusions that we could be on the verge of something potentially major to the downside. XMR and QTUM specifically could be indicating something as they've both seemed to have broken down on larger time frames already. Take a look a look at those two.. look forward to your thoughts on em
IvanLabrie
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@Lanmar, hi, yes, I think it is clear selling has been strong, and we are in a period of distribution.
Both QTUM and XMR show a similar pattern, volume accumulates in the lower end of the range, forming a 'flag', so to speak. It looks like the market is trending down, and about to slide down faster.
That being said, a retracement could occur for one week perhaps, but that wouldn't nullify the impending decline unless the previous week range is erased by bulls -I doubt it-.
Lanmar
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@IvanLabrie, thanks. Definitely looks like it. Would be one hell of a bear trap. My thinking is we have one leg higher from this area 7100 - 6800 on btc and that will be the final impulse move up before the waterfall
IvanLabrie
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@Lanmar, this is what most expect, so I don't know if the bounce will happen or just sideways then down.