So...This breakout, which is a breakout rather than a bull trap, became obvious to me in late March when I posted my initial LTC to the Moon analysis. Go on...take a peak! Of course, based on prior crypto experiences sure there is still a small part of my brain warning it may be a trap still, and while TA and market news help, in the end right now a rationale common sense approach seems like the best fit. Why! Because that drives markets more so than TA, especially in a new and still developing crypto field. and while I am at it: there is no way 2014 can be exactly like 2018. Impossible for too many reason to list.
Whales are COMING, Institutionalized money IS COMING. In fact, probably already here with plans on how to move chips and manipulate the market for next year or two (until more regulations materialize anyhow).
The banks and other whales, mostly older money rather than young crypto lovers, missed the boat the first time. Regardless of my lack of TA and institutionalized investing knowledge thus far...I do know that these types of firms with that type of large working capital and other resources rarely miss the boat twice.
So what happened? They, including most national media that is owned by these whales, have driven prices down to where they can now make a boatload and repeat as possible. A coincidence that suddenly MSNBC shows BTC tickers, while positive news starts flowing everywhere, on almost all fronts? Remember like 4 weeks ago when majority said 1K or even 0???!??! Or when constant news spreading some FUD about underage porn hidden in the blockchain. That may have been true, don't think so, but honestly I never researched it because it seemed like SUCH FUD on the surface. And now what?!? All in the past? Or was it never in play to begin with?
The price would and will never go below 4-5K, otherwise miners lose profit and results in less incoming software, hardware and miners into an ever increasing new market.
So if not 4-5K then where? About 5900-6,500 as I predicted WEEKS ago (even though I am a Noob and not required to post 10+ updates a day just to gain followers and income - rather than analyzing, picking and choosing what is actually MOST likely and worthwhile to report). So they finally stuck RIGHT before all the "experienced" traders got in while fearing the bottom had not yet arrived. Cartels, whales, banks, whoever and whatever combination they are, 1 thing is certain: THEY ARE SMART and almost always will stay just enough ahead of you and I to take the most profit. I.E. All time high with shorts...come on, this breakout was obvious Mr. MPC , it was...LTC to 60, laughable...good thing I am not allowed to use profanity on here.
Price will continue rising steadily (with some bumps) and less (to allow growth of market confidence in older wealthy investors) should peak sooner than last year to throw everyone off (like this morning). Probably around 32-33K end of November. Then down to 11-14K around end Fed/early March 2019 - and then to $50,000.00+
And then, I buy my farmland and turn off my cell phone for next 10 or so years and don't have to practice law anymore.
Why would they trash the market completely at 200-500 billion when a very high likelihood eventually of 1+ trillion? They would not!
GL trading and thanks for reading.
Also, I really don't like begging for likes, but if you feel obliged please do. I need 50 to comment funny yet passive aggressive stuff on other posts.
One one more thing: you think it’s a coincidence that tmrw is Fri the 13th?!
Interesting thing, I was born on Friday the 13th.
Good luck trading amigos!