I drew this chart about 5 hours ago, and I was going to post an idea stating that I believed the breakout to be close, possibly within the next 24 to 48 hours. As we can see, the breakout happened with no advanced warning, and it didn't happen at the vortex of the flag formation.
This presents a very important lesson that we should all pay CLOSE attention to. LTC (and any other cryptocurrency) doesn't always play by the rules, and the charts can be erratic. For the last month, I have missed call after call on LTC. The 15-minute candles have lied to me time after time, and it has drawn a chart that looks like a plate of spaghetti and meatballs dropped on the floor.
I'm still of the belief that we are in the beginning of a bull market. But I'm smart enough to know that anything can happen, and this market can turn on a dime and fool us all. I'm loving the strong action we are seeing, and I'm on my way to breaking even. Yes, I'm one of the dolts who bought after the ATH when the first big flag formed... and it dropped. After I bought at $285, I waited for the next formation and bought in again at $245... to see it drop again. Thinking I was looking at a glorious triangle formation that was the final stopping point before the next major run, I bought again at $238 and watched it drop again.
It was demoralizing. I pulled myself together and decided to make the best of the situation and do some buying and selling during the bear slide, and I was able to gain quite a bit of coin. I went from 10 to 14. But then I was fooled by a FUD post from a "very popular" Litecoin commentator who said we were looking at a "tunnel of death" (or something ridiculously similar), and I sold out at $144.
Learning a good lesson, and trusting my intuition, I bought back in once I was convinced that we were entering into a bull market, which was at $190. I lost 7 coins in the process. Now I'm worse off than I was in the beginning. I'm waiting for $358 to break EVEN. That's not something easy to admit, but I'm one of the few truthful posters who will tell the story like it is.
I'll probably sell my entire position, and wait until I can truly afford to take the risks involved in investing into Litecoin. I do believe we will see $1000+ by the end of the year, but I'm not in a position to risk my hard-earned money. Anyone in my situation better think long and hard before rolling the dice.
Let's hope we see a continuation of the bull run. Maybe we'll find a new support level at $240+, and then shoot for the next higher trading channel. Hopefully I'll get better at this as time goes on, and maybe that will help me to contribute great content to the community and help others make gains. But I have to be open and honest for the time being, because I know people are watching what I do.
Fire the secondary boosters, Litecoin, and get us to the moon! On the DOUBLE QUICK! ;-)
This presents a very important lesson that we should all pay CLOSE attention to. LTC (and any other cryptocurrency) doesn't always play by the rules, and the charts can be erratic. For the last month, I have missed call after call on LTC. The 15-minute candles have lied to me time after time, and it has drawn a chart that looks like a plate of spaghetti and meatballs dropped on the floor.
I'm still of the belief that we are in the beginning of a bull market. But I'm smart enough to know that anything can happen, and this market can turn on a dime and fool us all. I'm loving the strong action we are seeing, and I'm on my way to breaking even. Yes, I'm one of the dolts who bought after the ATH when the first big flag formed... and it dropped. After I bought at $285, I waited for the next formation and bought in again at $245... to see it drop again. Thinking I was looking at a glorious triangle formation that was the final stopping point before the next major run, I bought again at $238 and watched it drop again.
It was demoralizing. I pulled myself together and decided to make the best of the situation and do some buying and selling during the bear slide, and I was able to gain quite a bit of coin. I went from 10 to 14. But then I was fooled by a FUD post from a "very popular" Litecoin commentator who said we were looking at a "tunnel of death" (or something ridiculously similar), and I sold out at $144.
Learning a good lesson, and trusting my intuition, I bought back in once I was convinced that we were entering into a bull market, which was at $190. I lost 7 coins in the process. Now I'm worse off than I was in the beginning. I'm waiting for $358 to break EVEN. That's not something easy to admit, but I'm one of the few truthful posters who will tell the story like it is.
I'll probably sell my entire position, and wait until I can truly afford to take the risks involved in investing into Litecoin. I do believe we will see $1000+ by the end of the year, but I'm not in a position to risk my hard-earned money. Anyone in my situation better think long and hard before rolling the dice.
Let's hope we see a continuation of the bull run. Maybe we'll find a new support level at $240+, and then shoot for the next higher trading channel. Hopefully I'll get better at this as time goes on, and maybe that will help me to contribute great content to the community and help others make gains. But I have to be open and honest for the time being, because I know people are watching what I do.
Fire the secondary boosters, Litecoin, and get us to the moon! On the DOUBLE QUICK! ;-)
Comment:
This is unreal... I'm not going to bed until this ride is over! I cannot believe we crossed $250. I don't even know what to think right now. Okay it might be settling back down now. This has happened so fast my head is still spinning.