Today, Litepay launched. Yesterday, Litecoin rallied... Somewhat.
As I stated in prior post, if Litecoin rallied over $200, I would take the trade; and I did. $200.47-$229.91. This was a relatively quick trade which only added to what has been great gains thus far. However, now I believe the party is over. (For now at least.)
As the saying goes, "Buy the rumor. Sell the news."
In this cycle, there were multple rumors which gave LTC a nice boost to the upside.
Although I still believe LTC will have a stellar year, the enthusiasm in the chart is winding down. Less enthusiasm also translates to less , which will mean there is less 'push power' to continue cracking those higher highs. Thus, I feel we're going to start seeing lower lows; at least in the short-term.
Right now, I am back to sitting on my hands (and in cash) until the market provides the right signals for re-entry.
For me, I am looking for things play out around the $200-$205 level. If there is a bounce, I'm not expecting anything monumental, however, it may be substantial enough to squeeze a few extra percentage points.
The main re-entry I am looking for will be sub $180. Sub $150 being ideal.
If there isn't a major catalyst to continue driving the price upward, I suspect a dip and consolidation to this level ($150-180) until fresh news surfaces.
As always, however, no one can 'truly' predict exact price levels. We can merely speculate. Best to err on the side of caution and wait for a bit of confirmation before taking a leap of faith.
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!