So we saw LTC go down yesterday with the rest of the market. But I think at the moment that we might be starting to level out after the drop. BTC right now is about 44500, after just dipping down to almost 44K in the last 15 minutes. LTC is about 283. I think there is still a chance for BTC to go down again, to 40K in which case I could see LTC going down as well to perhaps 260 or even lower. However, when I look at the 4-Hour chart for LTC, I still like what I see as the general trend upward still seems intact. Since I am long on LTC I am not really concerned about this latest dip. I opened a small position at 310 and I have no doubt that long term it will pay off. Here is the question - what is the crypto market going to do in the near term? There is alot of turmoil in the world at the moment, and alot of fear. The situation in India has significant ramifications for the rest of the world that many people may not be aware of. The situation in the Middle East is troubling. The recent scare with the hacking in the USA of a major gas pipeline raising gas prices considerably - although the pipeline was back in operation as of a couple days ago so that situation is resolved. And Elon Musk just can't keep his mouth shut.
However, there are reasons for optimism. The US is lifting mask requirements for people who are vaccinated and 37 percent of the country has now been fully vaccinated. Many of the developed nations are recovering as well. As they continue to improve, the wealthy and developed nations can come to the aid of the poor countries in conquering COVID. The Middle East has been a hotbed for centuries so it's nothing new and will no doubt continue to be a volatile region. As I see it, this recent market drop was really needed and I frankly dont see it as a severe correction. More of a middling correction, in my opinion. One thing I know for sure is that Bitcoin and cryptocurrency are not going to go away, nor is the market going to completely collapse. Therefore, this could be a huge opportunity for long term investment. We just have to continue to think about the long term picture and be forward thinking. And long term, this correction will just be a blip on the screen. That's my opinion. I welcome yours.
However, there are reasons for optimism. The US is lifting mask requirements for people who are vaccinated and 37 percent of the country has now been fully vaccinated. Many of the developed nations are recovering as well. As they continue to improve, the wealthy and developed nations can come to the aid of the poor countries in conquering COVID. The Middle East has been a hotbed for centuries so it's nothing new and will no doubt continue to be a volatile region. As I see it, this recent market drop was really needed and I frankly dont see it as a severe correction. More of a middling correction, in my opinion. One thing I know for sure is that Bitcoin and cryptocurrency are not going to go away, nor is the market going to completely collapse. Therefore, this could be a huge opportunity for long term investment. We just have to continue to think about the long term picture and be forward thinking. And long term, this correction will just be a blip on the screen. That's my opinion. I welcome yours.