So LTC challenged its April 5 high of 12.75 this morning and was poised to continue the trend (although we prefer it just stays in the middle for long term longs); however, the BFX news sparked a run on BTC. As a side note, I will publish my actual thoughts on the BTC movement in a little while (in short, it is NO big deal....).
But money has to be somewhere; and it appears that people are moving their love back into BTC after last weeks stumble. LTC has moved below the mid line but still solidly in the Bear trend. One can look at this as either a down turn, or simply an adjustement to the midline (which is where we want to be anyhow). I still look at LTC as a good Bull; but profils will move around a bit until the BTC pump settles down. I closed my long for now with a nice profit from a week ago when we saw the trend happening.; but have setup a pickup for a buck under the midline. We will need a day or so to see if LTC is going to test the bottom but as you can clearly see, there is NO short signaling as of yet. But setting a small pickup for around a day out provides us an opportunity to see how the BTC run may ultimately effect LTC. Even as I type this; attempt to fall too far below the midline are being resisted. This is a good sign.
But money has to be somewhere; and it appears that people are moving their love back into BTC after last weeks stumble. LTC has moved below the mid line but still solidly in the Bear trend. One can look at this as either a down turn, or simply an adjustement to the midline (which is where we want to be anyhow). I still look at LTC as a good Bull; but profils will move around a bit until the BTC pump settles down. I closed my long for now with a nice profit from a week ago when we saw the trend happening.; but have setup a pickup for a buck under the midline. We will need a day or so to see if LTC is going to test the bottom but as you can clearly see, there is NO short signaling as of yet. But setting a small pickup for around a day out provides us an opportunity to see how the BTC run may ultimately effect LTC. Even as I type this; attempt to fall too far below the midline are being resisted. This is a good sign.
Comment:
Ugh; a typo in my idea... So sorry. In the second paragrah, second sentance; it should read: "LTC has moved below the mid line but still solidly in the BULL trend". My apologies.
