We continue a series of publications on trading in order to understand in practice how much money can be earned. novice 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
After yesterday's decline, the price of Litecoinkeeps falling. According to today's forecasts by ForkNews, the pair can reach the level of 61.8% Fibo (51.48 USD). Perhaps this level will not be able to deploy the price of recovery, and buyers will look for a stronger support level in the region of 50% Fibo (45.95 USD).
However, after a re-test of level 61.An 8% fibonacci is likely to have some LTC price recovery. You won’t be able to make much money on it, but in order to check the theory, you can try to place a buy order about one third of our standard purchase volume - that is, 1 LTC. If the price drops to 50.00 USDT, we buy 1 LTC and wait for a recovery to the area of 59.00 USDT.
Why exactly 59.00 USDT, and not 60.00 USDT? Because at level 59.31 USDT is the level of 78.6% fibo, which may resist further recovery of the price of Litecoin. Before turning to a decline, you need to have time to take profits.
If there is no recovery, the price willAt the lower LTC, it will break through the 61.8% Fibo level, then at the next support level we will buy another 1 LTC at the rate of 45.00 USDT and still expect the pair to recover. Graphically, the diagram can be represented like this:
To do this, we place a pending order onpurchase of 1 LTC at the price of 50.00 USDT on the Binance exchange. We will tell you how effective our trading plan will be, and whether a buy order will work at all in our next publication.