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Well it is up over 9% now!

It could still be a big short covering rally based on the recent amplified move downwards. I do not know this intense volatility creates unique trading opportunities.

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In this latest Crypto recovery it seems Bitcoin may start the rally but Bitcoin Cash and Litecoin seem to be leading the way in terms of returns. 

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Litecoin is leading the way this morning and is up 5.31% at the time of this post. It will be interesting to see if this can move above $80.

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Litecoin is up 11% at the time of writing this post. 

I stated it would be interesting to see if Litecoin could move above $80 in previous post (above) and boy has it.

Looking at the chart there is a strong possibility that on the next leg up it targets $100. 

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Litecoin is now up over 15%.

The weekend represents a very important time period for Cryptocurrencies in general. Those who close their positions on Friday to avoid charges and large price moves tend to miss out on some of the biggest moves. 

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It seems Litecoin has encountered resistance at around the $91 and $92 level. 

 

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Litecoin has joined the other Crypto's available on IG downwards but it will be interesting to see what happens overnight and particularly with Asia. There could be a surge up to $100 dollars or a large further decline. 

Tomorrow morning shall be very interesting. 

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When looking at the 'daily' one can see a potential 'cup and handle' pattern. Any major breakout now should target $112 area. It could even go all the way up to $144 area depending on the momentum.

The moving averages have completed a bullish crossover and the RSI in positive. This to me seems very bullish indeed. If you look on the 'daily' then not only will you see the price above its 20, 50, 100 and 200 DMA but a crossover between the 20 DMA and 50 DMA. There is a previous crossover between 100 DMA and 200 DMA. So from a chartist perspective, Litecoin, looks very bullish. 

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Litecoin is poised for another move upwards but needs to cross the imminent resistance it is about to face. The crossover I mentioned earlier on this morning is highlighted in the chart below.

Litecoin_20190513_19_28.png.49808eac394d6974d39d5c6af051a909.png

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I have literally just seen Litecoin with a rocket below its price. It shot up out of no where within the last 5 minutes. I wonder if Bitcoin Cash will follow suit as they both have been rising together in this latest journey.

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Litecoin will face resistance along the way but I would really like to see it reach and cross the $175 level. This would be really exciting if it happened.

Litecoin has been very volatile today and has been up and down like a yo-yo and then finally it just snapped and the price shot up to over 15% in the blue. 

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Litecoin is still above $100 but I will be very interested to see if it still over this amount early tomorrow morning. 

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It seems as Bitcoin is pausing for breath, traders are concentrating on 'Alt Coins' and Litecoin has been a beneficiary of this. It has hit an 11 month high and surpassed $100. It is trading around $96.00 at the time of writing this post. 

Litecoin is a very interesting 'Alt Coin'. It also has its mining reward halving in around less than 90 days so far soon than Bitcoin. This presents the potential and it only is potential where capital could allocate to Litecoin in advance of this halving event. 

Litecoin, in particular, could shine bright over the next few weeks, as the mining reward halving is now less than 90 days away. Litecoin has the potential to double from here but it all depend on what traders think of Litecoin and whether there is an appetite to really pump Litecoin through the roof. Do the speculators really have an ambition to drive up the Litecoin price, take their profits, and let is drop sharply again?

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Litecoin is struggling to stay above $100.00. It seems primed to have another go. 

It seems to me that Litecoin in moving in positive correlation with Bitcoin prices.

Bitcoin is moving upwards right now so I would expect Litecoin to follow. I shall see what has happened overnight in the morning tomorrow.

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Litecoin is holding firm around the $90 area for now. It is really struggling to break through and stay above that psychological $100 level. To put things in perspective, Litecoin, has enjoyed stellar returns in 2019 but I think there is more potentially to come. 

A lot of people are talking about the supply of Bitcoin halving. Well Litecoin has a similar situation but in the next few months which is why I think Litecoin could have another big rally in it. This halving even will decrease block rewards by 50% from 25 LTC to 12.5 LTC. I think so many are focussing on Bitcoin that they are ignoring the fact that Litecoin's halving event is imminent. Once the market and traders cotton on to this then I can see Litecoin smashing through the $100 area and pushing upwards on another big move. If memory serves me correct then this will happen at the beginning of August 2019 so very soon. 

The question right now is whether Litecoin is in a consolidation phase? I know different traders will have a different view on this depending on what time frame they are looking at. 

Now looking at the moving averages you will see they seem well aligned. So the 200 DMA at the bottom and then going upwards followed by the 100 DMA, 50 DMA and finally the more nearest to the price the 20 DMA. I include the chart below to highlight this point.

Litecoin_20190522_19_03.png.45dd615d98ecdcd8af1cceacb9ad70fd.png

Now sometimes traders can make things more complex and technical than they need to be. I always believe in keeping trading as simple as possible. The chart above is bullish. The price is above all of the moving averages. Higher Highs and Higher Lows are being formed. It is part of an asset class which is in a bullish phase at the moment. There is interest and momentum. 

In my experience of trading Cryptocurrencies when traders take profits too early they miss out on an explosive piece of price action and then find it difficult to get back in or convince themselves that they are too late. Whilst they are contemplating days of spectacular gains pass by. If traders are in big profits on Litecoin then sometimes (not always of course) it can be prudent to do nothing and just hold your position and pay the overnight charges. I accept this goes against conventional trading wisdom but when it comes to Cryptocurrencies which have been on a bullish run, it has paid off for me. If the trend has not reversed then why sell?

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Litecoin is up 16% and I think it really is going to be the one to watch prior to the August 'halving' as I have mentioned in my previous posts in this thread.

 

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Litecoin seems to be the least down this morning so it is showing some strength and resilience but for how long who knows. It is still trade above the $100 mark which is encouraging but can it hold that level?

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Those of you who follow my threads will appreciate that I keep things simple taking into account the wider IG Community and my potential audience on this platform. There will be some of you who apply more technical analysis on Cryptocurrencies but I just keep it simple and primarily based on price action and trends. It seems to have worked for me so far.

Now Litecoin is up around 200% since the start of the year. Can anyone show me an asset they could have traded or indeed have traded in this same time period which would have delivered  better returns?

Litecoin at the start of 2019 was trading around the $20 - $30 range. It is now above $100. There are times when one must the fundamentals, one's personal views, emotions and stubbornness to one side and trade the price action in front of us and try and profit from it as much as possible. This is regardless of what our personal opinions, thoughts and feelings may be of a particular asset.

Trading at times requires a level of ruthlessness. The best football strikers in the world are ruthless finishers. They anticipate the potential of a pass and will make the run and if the ball is delivered then they will have a good chance to score. Trading requires this anticipation. It requires making a move based on the current price action and what is likely (not guaranteed of course) is going to happen next. The trader will then execute the trade and attempt to profit regardless of what the media is reporting, what others are stating, etc.

The Litecoin 'halving' is going to occur before Bitcoin's. It is going to occur this year and Bitcoin's next year. I accept this may attract a lot of speculators, gamblers, etc. This may well pump the price to levels not sustainable and create yet another bubble. But one must embrace any bubbles as they are fantastic opportunities to profit from inefficiencies in the pricing of an asset. 

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Litecoin is up nearly 7% on Sunday evening at around 9:30 pm.

I know a lot of people interested in Litecoin may have missed my post above due to it getting flooded out as soon as I post. I am expecting this thread to get flooded out pretty quickly as soon as I post but there is little I can do to stop that. 

 

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Litecoin hit $116.20 overnight and is already up 4.5% and is the leading performer at 5:00 am UK time. 

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Litecoin is one of the cheapest Cryptocurrencies to trade on IG's UK Spread Betting platform in terms of margin requirements right now. 

For me Litecoin and Bitcoin Cash have led the way since the start of 2019, though Bitcoin gets a lot of the media publicity and credit for the Crypto revival. It is Litecoin which has really excelled for me. 

There is around 70 days left before Litecoin's halving event and I am expecting a bullish summer for Litecoin. Yes there will be large corrections and declines along the way as this is a volatile asset in a very volatile asset class. 

The 'daily' is showing 'Higher Highs' and 'Higher Lows' being formed. In my opinion as long as Litecoin can stay above the psychological $100 level then it is a bullish. Any drop below this could present a bearish argument. 

I think Cryptocurrency Traders are ignoring Litecoin which has been one of the best performing Crypto's available on IG's platform. 

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Litecoin trading at around $116 at the time of this post. The question is how much more upside is possible till the end of this year? Can it double from here and make new 52 week highs? 

The 'daily' is suggesting a potential breakout to the upside. It may find it tricky to navigate past $145 but let's see. 

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Litecoin on 9th June is still at $116 and is holding up rather well as this was the price during my previous post last week. 

Any dip below $100 for Litecoin is a fantastic opportunity to enter 'Long' or add to your position if you are already 'Long'. 

Litecoin since December 2018 has been a fantastic trend to trade on the 'Long' side. Of course the trend is not 'text book' perfect and there has been a lot of volatility but the price performance, the points (using leverage) and opportunity that Litecoin has given is nothing short of fantastic.

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Litecoin hit $129.60 and seems to be leading the way within Cryptocurrencies and is up around 10%. 

If you look at the price performance of Litecoin since middle of December 2018 then there are very few assets in the world that beat it in this very same time period. 

I trade to try and make as much profit as I can. One has to put their 'Ego', 'Emotions', 'Opinions' to one side and trade the price action in front of us. Just look at the price action from December 2018 till date and look at the momentum, strength of the trend and overall percentage returns. Now add leverage to the mix and once can see why Litecoin in my opinion is a WEALTH CREATING ASSET!

If it crashes then fine just short it all the way down to zero. If it continues to go up then trade it on the 'Long' side. The aim of a successful and profitable trader must be to make as much profit as possible. Litecoin boosts a traders portfolio performance if one can both handle and manage the risk effectively. 

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Litecoin's chart is looking very bullish to me. Especially with the halving even getting closer and closer. Looking at the 'daily' it seems to be making 'Higher Highs' and 'Higher Lows'.

The moving averages seem very bullish. So the 20 DMA is above the 50 DMA, the 50 DMA is above the 100 DMA and the 100 DMA is above the 200 DMA and all the curves are 'sloping upwards'. This for me demonstrates a strong and bullish trend. 

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Litecoin hit $136.90 at 7:00 pm UK time and is currently making new highs as we speak. It is up over 9% and I literally just checked and it had hit $137.30 within seconds. 

I mentioned before that in my opinion right now Litecoin is a 'Wealth Creating Asset' but I think if you look at the likes of Bitcoin Cash and Bitcoin since December 2018 and many other Cryptocurrencies then one can begin to see the Risk/Reward of this asset class where the risks are great but the rewards are potentially greater. I think trading Cryptocurrencies depends a lot on your risk tolerance and what levels of risks you are willing to take. I accept it is not for the feint hearted and it certainly is not for many of you.

From a 'Trend Following' perspective when an asset class is trending strongly upwards and one begins to trade selected Cryptocurrencies within that asset class with the trend rather than against it then it slightly tilts the odds in your favour. Some will initiate a trade based on signals and then just hold until the overall trend changes. It is nothing clever or fancy. If a trader understands that Cryptocurrencies are an extremely volatile asset class then it merely holds its position even if it drops and sets a more relaxed or wider stop loss so it never gets stopped out because of the volatility. The stop loss should only initiate and be executed on a trend reversal.

Other trend traders may go in and out and adopt a more 'scalping' approach taking profits consistently on the way up and just keep on entering on the dips. There are several ways those who adopt trend following strategies can trade Cryptocurrencies but the one key thing they will all follow is the direction of the trade based on price action. 

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Litecoin hit $141.30 overnight. It is around 5:00 am UK time. This is move is extremely strong and bullish. I think it may try and have a go for the psychological $150 level but then it could face a very sharp drop. I am not sure if it will make it there on this current move or the next but it seems to be coming.

The other thing Litecoin traders need to be aware of is what happens at the time of halving or afterwards. Is there a mass sell off with lots of profit taking or is there merely a drop / correction and if the broader Cryptocurrency market is trending upwards then Litecoin continues its journey upwards?

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Litecoin is hovering around the $135 area at the moment. It is the only Crypto that IG offers on its platform which has a distinctly different 'daily' chart pattern.

My view is that this is to do with the imminent halving. How much upside is left in the tank I do not know as it has already risen substantially.

One must be ready for a large correction shortly before, during or after the halving event. There will be plenty of profit taking which will amplify any move downwards. However, for now one must enjoy the ride upwards and walk hand in hand with the trend. 

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