Well I'm convinced we're in a bull market... almost, anyway! If you consider the 2-month downward channel as the extent of the bear market, then we are more than likely done with that trend. I have a LOT more success in predicting breakout points in a bull market than in a bear market. I guess that makes me a half-___'d prognosticator.
I've noticed that formations are a LOT easier to track on plays that are down in the low price range, and a lot less predictable with the big boys. LTC has had one helluva sloppy chart, and that includes the entire bear market, and even this breakout. I tend to think that's due to the extremely high volume combined with the higher price, higher emotions being involved, and thus higher volatility.
This is just an example of how wrong I can be in depending on flag formations, even during the uptick. We have all of these miniature triangles playing out on the 15-minute candles during the run, but one of them had to be unique and break to the downside and mess up a seemingly pretty chart. We also see rapid changes in the channel that is being formed. First we had a nearly 80-degree incline, and then we flattened out to a gentle slope. There's no rhyme or reason to it.
There's no way I can daytrade this to increase my position, like I've done on smaller plays. There MIGHT be a chance once we hit an ATH to sell and consolidate on the dip, but I wouldn't advise anyone to do that on LTC with this erratic activity. Keep it safe and let it sit! That's my advice of the moment!
I've noticed that formations are a LOT easier to track on plays that are down in the low price range, and a lot less predictable with the big boys. LTC has had one helluva sloppy chart, and that includes the entire bear market, and even this breakout. I tend to think that's due to the extremely high volume combined with the higher price, higher emotions being involved, and thus higher volatility.
This is just an example of how wrong I can be in depending on flag formations, even during the uptick. We have all of these miniature triangles playing out on the 15-minute candles during the run, but one of them had to be unique and break to the downside and mess up a seemingly pretty chart. We also see rapid changes in the channel that is being formed. First we had a nearly 80-degree incline, and then we flattened out to a gentle slope. There's no rhyme or reason to it.
There's no way I can daytrade this to increase my position, like I've done on smaller plays. There MIGHT be a chance once we hit an ATH to sell and consolidate on the dip, but I wouldn't advise anyone to do that on LTC with this erratic activity. Keep it safe and let it sit! That's my advice of the moment!