LTCUSD | Risk Reward + Bottom | $LTC
I recently posted my LTCUSD forecast, but I feel it's important to talk about the down-side route a little more.
I think $80 is the bottom on LTC. Can it wick below it in a liquidity / FUD circumstance; absolutely. However, I don't think it will close (body) below it.
So in terms of R:R, you're looking at ~20% downside from here and upwards move of 8x+ (3x minimum imo). For those who are willing to sit on their hands until October, this should be a great play.
Lastly, one piece of advice I'll share. It's 2018 in the depths of the BTC bear market, and we fell off the 6k cliff (I bought it relentlessly). I had many friends and traders say @ 3k, what if it goes to the next support @ 1.2k? I can't afford to buy here. Well, that's why you DCA in.
How does this relate? The downside is 20% from a macro support viewpoint. It might not go lower, so from experience this is a zone that it makes sense for me (NFA - not financial advice) to continue to put on exposure.
Cheers,
BLOCKSofCHAINS
I think $80 is the bottom on LTC. Can it wick below it in a liquidity / FUD circumstance; absolutely. However, I don't think it will close (body) below it.
So in terms of R:R, you're looking at ~20% downside from here and upwards move of 8x+ (3x minimum imo). For those who are willing to sit on their hands until October, this should be a great play.
Lastly, one piece of advice I'll share. It's 2018 in the depths of the BTC bear market, and we fell off the 6k cliff (I bought it relentlessly). I had many friends and traders say @ 3k, what if it goes to the next support @ 1.2k? I can't afford to buy here. Well, that's why you DCA in.
How does this relate? The downside is 20% from a macro support viewpoint. It might not go lower, so from experience this is a zone that it makes sense for me (NFA - not financial advice) to continue to put on exposure.
Cheers,
BLOCKSofCHAINS
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