The chart speaks volumes, we might be seeing the start of a strong bull market in LTCUSD.
The LTCBTC chart looks similar, with LTC surely outperforming BTC in the near short term, and maybe in the intermediate and long term.
Both instruments operate very predictably using time at mode techniques in the weekly and monthly timeframes, possibly related to the nature of the investors behind the price swings, who seem to operate in said timeframes vs the short term low budget speculator.
I'll update with an ideal long entry, but for now, look to buy a retracement after the monthly close, or take a shot at it now, and market buy with a wide stop, or no stop if you just own the LTC.
Downside risk is minimal compared to potential rewards, judging by the period of accumulation that went by, with chinese mining operations and large speculators building positions in the shadows for months.
The uptrend can easily last 5-6 months, and/or reach several multiples of the current price.
I think it's worth to look into going long here, specially if also invested in Bitcoin, since this one would serve as diversification in your electronic currency portfolio.
Good luck,
Ivan.
The LTCBTC chart looks similar, with LTC surely outperforming BTC in the near short term, and maybe in the intermediate and long term.
Both instruments operate very predictably using time at mode techniques in the weekly and monthly timeframes, possibly related to the nature of the investors behind the price swings, who seem to operate in said timeframes vs the short term low budget speculator.
I'll update with an ideal long entry, but for now, look to buy a retracement after the monthly close, or take a shot at it now, and market buy with a wide stop, or no stop if you just own the LTC.
Downside risk is minimal compared to potential rewards, judging by the period of accumulation that went by, with chinese mining operations and large speculators building positions in the shadows for months.
The uptrend can easily last 5-6 months, and/or reach several multiples of the current price.
I think it's worth to look into going long here, specially if also invested in Bitcoin, since this one would serve as diversification in your electronic currency portfolio.
Good luck,
Ivan.
Trade closed: target reached
