carltonzone
Long

LTC Uptrend Confirmed, But Don't Get Cocky

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
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!
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