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 volume, 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.