I hope no one got trapped in this nasty scam of a coin that is Litecoin. The accumulation was brief, and it seems like the scammers behind it are taking profits, so prepare for a 9 day decline back to where it started to rally, unless support holds. I would still, not like to be involved with something so easily manipulated and shaken around due to being illiquid, and supply concentrated in very few huge holders' hands.
Trade larger, safer markets, with a better and fairer distribution method.
Good luck,
Ivan Labrie.
Trade larger, safer markets, with a better and fairer distribution method.
Good luck,
Ivan Labrie.
Comment:
If it doesn't fall within 4 more days, and holds above the yellow line, it might form an uptrend continuation setup. If you're trading it, look for that level to hold.
Comment:
It's now looking to be supported, early to tell. You could look to reenter longs soon, but there are safer markets to trade...unless this one really becomes more liquid, but there's always risk with the huge concentration of coins in few hands.
Comment:
By tomorrow, the market will have spent enough time going sideways, to justify assuming the uptrend can continue higher. A dip just a tad lower would set up a low risk buy, if you want to give it a try. Factor in volatility to size the trade correctly. An 11 period ATR indicator value is a good measure of risk.
Comment:
The market would need to accumulate in this zone to launch a new uptrend signal from here.
Overall, the problem with LTC, is that the huge quarterly mode in fiat charts, is mostly miners unloading coins. Miners can easily hold off from selling, and since the market isn't too liquid it can rally rapidly. That is a big problem with coins that had unfair distributions initially, or that are held by few large holders. It can be easy to manipulate them.
If the Segwit activation takes place, I assume the hype could last longer, propelling LTC higher, but right now there is no solid technical setup to buy into now. If you bought lower, you could just reduce your exposure to minimize risk and wait if you believe in this coin. Personally I don't like it, so I prefer not to trade it.
Overall, the problem with LTC, is that the huge quarterly mode in fiat charts, is mostly miners unloading coins. Miners can easily hold off from selling, and since the market isn't too liquid it can rally rapidly. That is a big problem with coins that had unfair distributions initially, or that are held by few large holders. It can be easy to manipulate them.
If the Segwit activation takes place, I assume the hype could last longer, propelling LTC higher, but right now there is no solid technical setup to buy into now. If you bought lower, you could just reduce your exposure to minimize risk and wait if you believe in this coin. Personally I don't like it, so I prefer not to trade it.
Comment:
It might be interesting to watch it though, since it might be a 'testnet' of sorts for Segwit, which could translate into BTC adopting it, and eventually launching into a rally, if LTC's experiment proves to be a bullish catalyst.
The problem with that logic is that since this market is so easy to manipulate, the rally might NOT be due to Segwit, and it might just be a way of making Segwit appear bullish, which is something BTC core devs might want, and could have arranged together with Charlie Lee and LTC miners...so, yeah, I don't like this coin nor trust the market data. There are better things to trade.
Do your due diligence.
The problem with that logic is that since this market is so easy to manipulate, the rally might NOT be due to Segwit, and it might just be a way of making Segwit appear bullish, which is something BTC core devs might want, and could have arranged together with Charlie Lee and LTC miners...so, yeah, I don't like this coin nor trust the market data. There are better things to trade.
Do your due diligence.
Comment:
If it holds around here it might continue to be accumulated, I'm flat but watching it.
Comment:
The catalyst is out now, and it can rally for some time. I was wrong about this one, but ok since I didn't trade it. I still would rather tread carefully with it and not trade big overall.
The catalyst is out now, and it can rally for some time. I was wrong about this one, but ok since I didn't trade it. I still would rather tread carefully with it and not trade big overall.
Comment:
-I did tell some people who asked to go long...last night though, I can post screenshots for the potential ltc fans who might hate on me haha-
Comment:
16.99 is target #1, above that it could go to $30, but there is lower odds of that happening without seeing a reaction at 16.99 first. It can rally for a week more give or take.
