As the market continues to consolidate and provide mixed signals, Litecoin is once again showing some signs of leading the space. We have been long on Litecoin and hold our position for a broader move. This takes away the emotions of second guessing ourselves, wondering if this move is the real one, and all the emotions that can come with looking to time the perfect bottom.
In the short term taking out the 48.0 level and a continuation goes a long way to favoring a potential swing towards the 60.0 target area. We can still not discount Bitcoin which is the market leader, but Litecoin was an indicator of the last bullish swing and it may be of this one.
Let's not get too excited, we can still pullback and retest the 43.0 level or as low as the 40.0 area but this would still not discount the move. We start pushing into the 30's then we may have to revise our strategy here. Until then we just sit back with our bag of coins and let the market decide. No sense in trying to guess, and since we are already long with discretionary money we are sleeping well at night.
Will be interesting to see if Litecoin once again leads the market higher, over the weekend. We look for the strongest charts and for a month we have been focused on Litecoin. It still has one of the best charts out there, with maybe the exception of EOS.
If btc takes out the 4300, I’m all in, but I really doubt that’s gonna happen soon.
FreemanIT
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userbeauty
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Hi,can you say anything about what appears to be a double top in bitcoin (4200). Is this less relevant than other long indicators for some reason? Thanks!
goldbug1
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@userbeauty, Hi beauty, If Bitcoin takes out the 4200 level or really the 4500 level, this would hold a lot more weight than say a MACD or other lagging indicator as it is telling you what Bitcoin is doing now other than having more weight on what it did. All indicators lag, but current price is the current sentiment. So taking out the 4200-4500 level would be a higher high, and show the market is more bullish now and goes a long way because this would really be the first higher high we have made over a broader time period in a year.