How much can you earn on trading to a novice investor. Part 100. Trading (continued)

We continue the series of publications about trading in order to understand in practice how much you can earnnovice investor using only forecastspublished on our website. To understand how useful they are, we decided to conduct an experiment and simulate a situation in which a person who knows about trading only what you need to “buy cheaper and sell more expensive”, tries to get additional income in his spare time by investing part of his money in cryptocurrency trading

Our previous trading plan workedwith an income of approximately 15 US dollars (excluding the Binance exchange commission). Let us briefly recall that on February 17, we bought 3 LTC at 70.40 USDT, counting on the Litecoin price growth to the target level in the form of a green trend line.

At level 77.70 USDT growth slowed down and we moved the Stop Loss level to 75.40 USDT in advance. On the Binance exchange, the weekly maximum was set at 79.45 USDT, after which the price began to fall and our stop order was triggered. We were knocked out of a long position with an income of about 15 USDT.

Last weekend, when growth resumed,the price still failed to reach our target level, in the area of ​​the ascending trend line. The resistance of 80.00 USDT turned the LTC/USDT pair down. Today, the Litecoin price has already broken through the 100% Fibonacci support (69.40 USDT) and continued to decline in the area of ​​the 66.00 USDT mark.

According to today's forecasts from ForkNews, thissome recovery of the pair is possible in this area, but a rollback to stronger support at the 78.6% Fibonacci level (59.31 USDT) is possible. Therefore, it is too early to enter into another purchase.

It is not known for sure whether the price of LTC will drop like thatdeep to this Fibonacci level or stop at 64.00 USDT. It is necessary to analyze the size of the rebound from the 66.00 USDT mark and the intensity of the upcoming decline. 

If sales volumes decline significantly, thenwe can expect the pair to recover. But we need to be careful here, since we are likely to see a fairly long consolidation, and we will have to determine the further price dynamics based on the characteristic pattern that has formed.

Keep up with ForkNews forecasts so you don’t miss out on new entry points!