related article: He was bullied at school but now lives a lavish lifestyle thanks to trading in Bitcoin and other cryptocurrency
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 last Wednesday on the Binance exchange,Litecoin price set a weekly high at 48.54 USDT, the next day the pair quickly rolled back to support 44.00 USDT. ForkNews forecasts for January 10 suggested that this level could keep the pair from further declining.
related article: Australian investor bought a 2,800sqm property in Charleville with money he earned by innovative financial tool
Watching a price that didn’t go down for a long timebelow the level of 44.20 USDT, we decided to place a buy order at the rounded exchange rate of 44.00 USDT. There was a risk that the price would not drop below, but in the afternoon our order to buy 3 LTC at the rate of 44.00 USDT was executed. The stop order was set at 43.00 USDT. In case of breakthrough support of 44.00 USDT, we decided not to bid. However, during the day, buyers increased volumes, and the price tested the level of 61.8% Fibo (51.38 USDT).
In the next forecast from 13.01.2020 indicated that in the near future a re-test of resistance of 78.6% Fibo (59.31 USDT) is possible, and in today's publication it is said that growth will continue after a re-test of support of 54.00 USDT. Therefore, we move the Stop Loss level to this mark.
We believe that at the resistance level of 64.00 USDT, growth may stop. In this case, it will be correct to set Take Profit in advance at around 63.50 USDT.
We will talk about the results of our trading experiment in the next publication.