I threw this up a few days ago, and I'm quite surprised by the fact that all of the trading has fallen in between this descending triangle channel. I'm going to start accumulating LTC now, before the next runup occurs. I think we are 3 to 5 days away from a reverse in trend. LTC, BTC, and ETH are all in a bearish cycle, and I think they will all start a bullish trend simultaneously.
I wish I would have picked up LTC when it was $72 a coin back in November. But I thought a correction was coming. Surge after surge, and I was still waiting for the correction back to $70. Stupid me, it never came. I did correctly call the bearish cycle though. When LTC hit $350, my thought was that is was WAY to far above the slow moving average to sustain that price and continue rising. Sure enough, I was right.
The general tendency of human beings as it relates to supply and demand will always create statistical effects that can be tracked. It's simple math. When a currency starts to gain value, the masses jump on and skyrocket the price well above the true value. Then after the feeding frenzy is done and the dust settles, the trading price will fall back to the real value. While doing so, we see repeating statistical patterns, hence technical analysis.
It always surprises me that people actually think that technical analysis doesn't apply to cryptocurrency. This chart is a very simple refutation to that belief.
Your thoughts?
I wish I would have picked up LTC when it was $72 a coin back in November. But I thought a correction was coming. Surge after surge, and I was still waiting for the correction back to $70. Stupid me, it never came. I did correctly call the bearish cycle though. When LTC hit $350, my thought was that is was WAY to far above the slow moving average to sustain that price and continue rising. Sure enough, I was right.
The general tendency of human beings as it relates to supply and demand will always create statistical effects that can be tracked. It's simple math. When a currency starts to gain value, the masses jump on and skyrocket the price well above the true value. Then after the feeding frenzy is done and the dust settles, the trading price will fall back to the real value. While doing so, we see repeating statistical patterns, hence technical analysis.
It always surprises me that people actually think that technical analysis doesn't apply to cryptocurrency. This chart is a very simple refutation to that belief.
Your thoughts?