How much can you earn on trading to a novice investor. Part 102. 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

Before we start thinking about a new trading plan, we’ll tell you how our previous deal ended. 

Let us briefly remind you that we have placed an order forpurchase of three Litecoin coins at a rate of 60.00 USDT for each. Purpose of the transaction – wait for a retest of the 64.00 USDT level. The protective Stop Loss order had to be set quite low, at the level of 58.00 USDT, but, as it turned out later, we got the stop order right. 

The LTC price actually broke through the support of 78.6% fibo (59.31 USDT) and disrupted the protective orders of those who were counting on a reversal from this level. On this day, on the Binance exchange, the pair reversed at 58.71 USDT and the next day reached the level of 63.00 USDT. 

However, then growth slowed down. The price came close to our sell order several times, but was unable to test the resistance of 64.00 USDT. 

On the hourly time frame you can clearly see how the hourlyEMA55 all the time supported the pair from a deep decline, but a breakout of the resistance 64.00 USDT never happened. On Friday, March 6, the ForkNews forecast said that over the weekend the LTC price could roll back to the January support level at 54.00 USD. 

Therefore, when on Saturday, March 7, the price brokesupport for the EMA55 moving average, we urgently liquidated our long position at the market rate. We managed to close the order at a price of 62.19 USDT, so we were able to earn about six dollars. 

By the beginning of this week, the price of Litecoin fell below the support of 54.00 USD and stopped the decline only in the fifty dollar area. The March low is marked at 46.57 USDT. 

Despite the rebound and recovery of the pair to the 61.8% fib level (51.38 USDT), the price fall is not over yet. Fans of aggressive tradingagainst the trendcan look for entry points in the 50% fib support area (45.82 USD). Some pair recovery is possible in this area.And we will remain out of the market for now and expect new ForkNews publications with reliable signals for steady price growth from the minimum zone.