Basically I just want to point out the daily chart
, lots of people focus on shorter timeframes. The last 4 candles seem to be riding the upward green trendline
following a selloff out of the purple equilibrium pattern just before that. This appears to be a tipsy tourney support zone
for LTC. It could go way down from here, or if it rallies up I could see 300s as we near the top of the channel, or 250s at least. The momentum appears to be picking up on the daily timeframe
, but on the 4h it looks like a bear cross is soon upon us. I'm not sure how far down it could go if we see a breakdown on the daily. It's difficult to say really. Right now we are somewhat in a no-trade zone.
My current strategy (as a noob, mind you) is using this current volatility
to accumulate a little more for a potential big run up. It's risky, so if I don't end up doing that I'll probably be a hodlin. I didn't get to my computer in time to sell this morning while we were still at 188, so selling this low could be risky, like selling the bottom and buying back higher. I know the feeling and would rather not trade, just hodl, until I'm sure I'd be selling at a good top versus a low.
Just so you all get an understanding of how I view trading cryptos, cash is of secondary importance to me. Accumulation of LTC is of primary importance :) That's where I think it's going in the long term :D