donmecha

LTC Head and Shoulders or something else?

BITTREX:LTCBTC   Litecoin / Bitcoin
From our 1 day (24hr) Litecoin chart we can see we have formed a somewhat Head and Shoulders pattern. I do expect to see a drop but I don't think by a whole lot. My reason behind that is because the Total Market Capitalisation of the entire market hasn't really gone up or down enough, its been rather similar even though the alt coins have taken a bit of a hit. While they've gone down Bitcoin has slowly gone up.

The most logical exploitation I have for that is because for every Bitcoin someone is holding on October 25th they will receive 1 Bitcoin Gold (BCG). Basically it seems people are converting back to BTC in hope that these coins will be worth something when released. Then there is another hard fork in November which again could mean more free coins.

The risk is though unlike with the Bitcoin Cash hard fork is a price hasn't been set yet so they could "open at 0.02 or they could open att 0.0000002." and that was coming from one of the developers. Thgy then go on to say that obviously they believe in their product and think it could be a true contender with Bitcoin (but everyone says that.) You wouldn't watch a T.V show if the commercial said "this season is maybe the 3rd biggest and best season so far, cause we all remember season 2 was sick!" no its always "This is the most epic and adventurous season yet!"


But back to the Litecoin business I reckon while the focus is on withdrawing from alts and putting into bitcoin , if you're like many maybe try get a few sneaky bitcoins saved up but be ready to spend them back on alt as soon as your locked in too get BCG. If you can move some things arounf and don't wanna risk losing on the massive bounce thatll come, maybe sell some portions for some Bitcoin and try either get some fresh money in btc or alts while alts are down. If your an OG sit back relax and look for some cheaps allts you know will bounce after this *cough litecoin cough monero cough IOC 20daays til DION wallet release cough IOTA cough* sorry for my coughing.

So im going short in the short term until this Segwit saga is over. Then I'm long as over the 3-6 month period.
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