For the past month, I've noticed several investors calling for the end of the bear market and signaling LTC to moon shot. While I am definitely still "long" on Litecoin, I think we have to realize that we are still trading in the secondary tight downtrend channel. Looking at this chart any closer than a 4-hour candle is dangerous. We have been getting head-faked time and time again on each and every bounce. When LTC rallied to $130, everyone was calling for the Bull run. Not the case, just yet.
I would love to see the trend broken, but when you look at this channel, it just doesn't look like the consolidation has ended. And there is no real indication that a reversal is imminent. If we break $100, I'm bracing myself for a base of $80 to be tested, and then $50. I sold out the majority of my position at $159. It rallied as high as $168 after I sold, and I had my finger on the trigger on every bounce. But I had to take a deep breath and play it safe, and sit and wait.
If LTC does drop below $100, its' a great buying opportunity. I'm 100% confident that the big bull run will happen sometime this year. It could be 2nd quarter, and worst case scenario, late 4th quarter. Whatever the case, we will smash the previous run and establish a new ATH. It's just a matter of time. Why? Because cryptocurrency has stood the test of this short time period, and it's not going anywhere. Crypto is the natural progression of monetary exchange, much in the same way that we moved from typewriters to word processors to computers, then powered by the Internet. I don't see anything stopping this, barring some cataclysmic event like a big asteroid strike.
The best advice is to play it safe, and only invest what you are willing to lose. Nothing is 100%, but I do think we have a lot to gain here as early adopters. Oh, and another great word of advice? Never trust the news. No amount of good news (or fake news like Litepay) has been able to reverse the trend of the market. It will only happen in due time.
On a very positive note, I think we will all be pleasantly surprised by the action on the crypto forefront once the institutional investors start pouring in. I think that will happen this year. Your thoughts?
I would love to see the trend broken, but when you look at this channel, it just doesn't look like the consolidation has ended. And there is no real indication that a reversal is imminent. If we break $100, I'm bracing myself for a base of $80 to be tested, and then $50. I sold out the majority of my position at $159. It rallied as high as $168 after I sold, and I had my finger on the trigger on every bounce. But I had to take a deep breath and play it safe, and sit and wait.
If LTC does drop below $100, its' a great buying opportunity. I'm 100% confident that the big bull run will happen sometime this year. It could be 2nd quarter, and worst case scenario, late 4th quarter. Whatever the case, we will smash the previous run and establish a new ATH. It's just a matter of time. Why? Because cryptocurrency has stood the test of this short time period, and it's not going anywhere. Crypto is the natural progression of monetary exchange, much in the same way that we moved from typewriters to word processors to computers, then powered by the Internet. I don't see anything stopping this, barring some cataclysmic event like a big asteroid strike.
The best advice is to play it safe, and only invest what you are willing to lose. Nothing is 100%, but I do think we have a lot to gain here as early adopters. Oh, and another great word of advice? Never trust the news. No amount of good news (or fake news like Litepay) has been able to reverse the trend of the market. It will only happen in due time.
On a very positive note, I think we will all be pleasantly surprised by the action on the crypto forefront once the institutional investors start pouring in. I think that will happen this year. Your thoughts?
Comment:
The last leg of the chart disappeared after I posted it. After the tightening triangle, I had a drop down to the base line. That's the basic idea.