My litecoin price target has been reached and I'm closing it here. It could go higher to but as the old adage on Wall Street goes ""Bulls make money, bears make money, pigs get slaughtered".
For those that asked what my next target would've been, it's 0.019429 LTC/BTC and after that I'm predicting that it's going to be pretty gloomy for Litecoin for the following two months.
Would love to hear your thoughts. Thanks and happy trading!
Congratulations! Yeah, so what if it keeps pumping... even if it pumps to $200... that's not part of your plan and not predictable. You made a great trade here!
welf
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@mightytrader, it's possible but I was fortunate to get in a little earlier so I'm content with my profits and my view is there are always opportunities in the market to make money. In my opinion it may go a bit higher to ~$100-~$115 but not past $125 but it's going to be a very volatile ride up and requires a lot of time glued to the monitor haha. Good luck!
mightytrader
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@welf, Yes, exactly. That's the problem: thehe higher it goes, the lower the timeframe... might as well go to a regular job if you have to watch it all day. I think Bitcoin will keep pumping up to $6600 area. However, I have a stop-loss in place... It's a small nick if it gets triggered. Cheers!
welf
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@mightytrader, interesting exit price of $6600, how'd you come up with it if you don't mind me asking.
mightytrader
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@welf, Well firstly... it's possible that it will reach that area. However, there is no guarantee that I will exit there. My strategy is to trail my SL as the days go by. So, my exact exit price... I don't know; the market will decide that and I will keep adjusting my SL according to time and probability.
Another target is $5600-5800 area.
It's based on timeframes... 2-5 day charts. Also the amount of volume that was pumped is similar to the dump that happened in November. And that was a big dump. So, I think it could keep puming until even the trading gurus get sick of it keep going up that they finally give in.