Don't FOMO here on LTC (Some words of advice.)

May 1, 2020

I'm going to give you a few words of wisdom, so pay attention. Don't FOMO Buy. We've been seeing massive moves over the last few days and it's impossible not to feel left out. But don't suddenly start trading positions that will give you +30% or +40% gains.

If you want to still be around in the long run, if you consider yourself a serious trader, keep scalping those simple and clean trades. I present a 8.5% long opportunity here on Litecoin. I'd say it is already on the high side.

We see a nice bounce here on the $51 level that we can connect with resistance we've seen in early March. The resistance we had from early April is now turning into support through the S/R flip.

We have all the ingredients for a nice long trade here. The markets are bullish, and this is a very healthy retracement. This could be a great moment to enter a position on LTC.

Stay safe everyone.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

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May 2, 2020

Note

That was a very quick 5% gain! So far the price is following this idea really nicely.



If you look at the orange line you see that I expected the price to retrace a little bit once on this level, before it is ready to make the next final push to our target.

Now that the trade is going well, it's time to go deeper into the position of the take profit. I want to emphasize that we've seen very strong resistance around the $50.75 level. If you want to be sure your profits get materialized, make sure to put the take profit a little bit lower than that. For example around the $50.50 levels.