Cryptocurrencies

Take a Coin Flip on LTC at the $75 Level

Couple days back I spoke about the price of Litecoin and how it’s knocking back and forth at this 75 level, a former support then resistance now maybe support again.

Any one have a quarter I can flip?

As you can see in the chart price is right at that level as I type this and I’m going to take a gamble.  The reason I say gamble is there really isn’t a clear entry signal.

Basically we just got a little stair step up above the level again and now price is either preparing to stair step up again or go back below $75.

I had sold some LTC back up in the $88 area a few weeks back and I’d like to re-add it, so that is part of my motivation here.  Also, I can use a tight stop in this scenario with the last little low around $71.50 being that if price breaks that then price clearly isn’t stepping higher.

Upside target starts with $84, the most recent little high, thus giving me a 2.5 to 1 risk reward ratio which is above the bare minimum I always preach of 2 to 1.

So that’s the bet I’m putting down.  If LTC does push higher I will likely only take off part as I want to stock my long-term position back up a bit.  If it goes down, no harm no foul.  I lose a few bucks and still have the same amount of coin I hold now.

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