stewdamus

stewdamus

Rookie mistake folks. I jumped the gun. In fact, if you read my last few posts, you'll observe that I had this suspicion. I was too impulsive with my Litecoin buy and bought all in at $50. I should have exercised sound discipline as all good traders do and simply started my buy in at this price point. If I would have dollar cost averaged in from there to where we...

stewdamus

A few things I'd like to point out on this messy chart: ----- First, I started my Fib retracement at a different date on this chart. Most, will start at Mar. 25th. That's fine. However, I chose to start mine at $1111 for several reasons: 1) $1111 is around the avg. price point on the daily for the few months leading up to our big pop in price. 2) When starting...

stewdamus

$51.21 $46.65 $46.01-.21 $44.71 $41.50 $37.30 I don't anticipate too much more downside for Litecoin (LTCUSD) before we head back up, but if we do head lower, we'll go all the way down to $41.50. Below that $37.30. If per chance, we somehow find ourselves down in these areas, we will find further support from our 50 MA, the Lower Bollinger, and the bottom of our...

stewdamus

Already at $2320! This is going to be bad. Either short this on the way down (still got a long ways to go) or sell your Bitcoin and buy Litecoin (or some other similar crypto) until after Aug. 1. Look to my previous chart for some levels. I'll post more once we break our next trendline (red). Be careful friends. Wishing you all the best. Happy Trading all!

stewdamus

Not surprisingly, Litecoin (LTCUSD) is holding it's $45 support today. While it is possible that it could go lower, my suspicion is that it won't. Instead, while Bitcoin (BTCUSD) continues to unravel until our Aug. 1 target date, I suspect Litecoin (LTCUSD) will bounce around in here between the $45 support and $50 support until our middle Bollinger Band or 20 MA...

stewdamus

After nearly a month of flirting with the bottom trendline of our channel, bitcoin finally indicates which direction it wants to go before August 1 and, as suspected, we are going down. As indicated in previous post, I am not a seller until we break below our green channel. We've done that today. I have transferred all of my Bitcoin (BTCUSD)value into Litecoin...

stewdamus

As you all have probably observed from reading my last few posts, my enthusiasm for Bitcoin is waning. However, as I've noted all along, as long as we remain inside the green channel, I'll hold my longs. We are about to test some important support levels once again with BTCUSD. The first is that 50 MA which currently sits at around $2485. And then, down from...

stewdamus

As I stated in my last post, I may have jumped the gun a bit on my Litecoin purchase. I knew this. But because I am a swing trader, I did not want to miss out on opportunity at that $50 level which provided fairly strong support. The next support level I see is even bigger. Why? 3 reasons: 1) I have redrawn my Fib retracement from the lows on 3-30 to the high on...

stewdamus

I see almost everyone going short on Litecoin. I've decided to become the contrarian voice crying in the wilderness yet again. I've just picked up a boat load of Litecoin at $50 even. I expect Litecoin to continue to trend up this month (more analysis on that at a later date). My guess right now is that Litecoin will hit $60-75 by the end of the month. But for now...

stewdamus Updated 

It's pretty simple today. If our daily candle closes above $2642 (the middle red line of our Bollinger Band), my previous price forecast stands correct and we're on our way to $3300 before the end of June. If not, then we're in for some more sideways consolidation here for a few days before we continue our trend up. Either way, I believe we will continue up...

stewdamus Updated 

We are seeing good consolidation here for Bitcoin. The pullback is healthy and as long as we continue to have candles close within the green channel I have outlined here, we should continue on upward to our $3300 mark inside of 15 days. $2230 is critical support! A break below intra-day can be worrisome but our main concern is to keep those candles closing higher...

stewdamus Updated 

If my analysis is correct, we will continue to close inside the borders of the green channel outlined. I don't expect to close this candle below $2230, which is the high on the 22nd of May and also a support level (red line). This support intersects with the bottom of the green channel. Further analysis and price prediction indicates that, as long as we do NOT...

stewdamus Updated 

Judging from the simple patterns and trendline analysis which I have done, I suspect the trajectory of BTC to be headed towards the $3000 mark by late next week. I may go as high as $3050-3100 before pullback to take a breather and gain some healthy consolodation.

stewdamus Updated 

In the next few days, I am expecting some major price action to occur in Bitcoin. As I analyze the charts, from a purely technical perspective, I see many signs that indicate the price will shoot up. Of course, there is always a chance we could go the opposite way as well. And thus, caution should be exercised as we flirt with these lower levels. If we do break...

stewdamus Updated 

So, we bounced before and on the 4th as expected. But now we're up against that $2600 ceiling again and can't seem to close above it. As we continue to struggle with these upper levels, it is becoming increasingly clear that the market is not willing to do much more here before BIP 148 on August first. I've said all along that I'll remain bullish as long as we...

stewdamus

Our channel holds support again. As predicted, we have the start of our uptrend. However, excitement should be tempered as we have (2) two big overhead resistance points to hurdle prior to continuation: $2600 is our first stop, and then onto $2760 (see previous posts for more on these). Because, if we don't conquer these, re-analysis will be needed. We are not out...

stewdamus

In yesterday's post, I indicated that $2600 was the level to beat. We bumped our heads twice at or near that level. Now we also can see the middle of our Bollinger Band coming into play to help act as resistance at this level. $2600 is still our level to beat. After that, another big resistance at $2760. Until then, I advise a fair amount of caution to be...

stewdamus

Our resistance today is at $2600. Traders are advised to exercise more caution until we get through this level and the next at $2760. These will be key resistance areas moving forward. Our focus today is at $2600. Happy trading.