I am not ready to fomo in. At this point I believe we still will go lower. I draw a possible scenario. Not a financial advice, do at your own risk. I like my numbers though. Most likely the timing is off, so I'll have to practice patience again.
Hi!
Why not accumulate for a multi-month trade? Tricky to time the bottom. If you buy now ($57) and it goes to $40... who cares? LTC will have some positive news as Fall approaches and will likely PUMP. Just sharing my strategy. Wait for volume and money to return to trade shorter timeframes. Some of the smaller alts pump 50%-200% in a day when markets are more optimistic. Now is the season for gradual accumulation v.s. trading... IMHO.
mightytrader
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* v.s. short-term or day trading
mightytrader
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@mightytrader, (I am expecting between now and November for price to go up. Within 90 days)
nnichos
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@mightytrader, I think it's a personal preference. But I appreciate you sharing your strategy :)
mightytrader
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@nnichos, Have you ever traded ALTBTC pairs before (e.g. on Bittrex). You irrevocably commit some USD into BTC and trade exclusively to gain more BTC. Instead of gaining dollars, your goal is to gain more satoshis.
Anyway, it's easier to trade some these more illiquid markets (most altcoins below top 10) because the TA is more predictable since you have regular traders v.s. higher market cap coins that have all these Whales manipulating the markets with leverage and their algorithms.
I recently started buying LTC at $57... That it's that low I just buy now with no SL because the Whales are just accumulating and manipulating prices to prepare for next bull. LTC is a larger cap coin... i.e. ore whales and algos manipulating it.
Anyway, I just wanted to tell you that many smaller cap markets are much easier to trade on lower timeframes when the bull and volume is there. Look at coins like EMC2BTC from November- December on a 15 minute to 4 hours and you can see how it offered so many short-term opportunities. I made %50 in a few hours one day playing that.
Also... One day in November PotCoin PUM
PED 200% in like an hour or two. I bought the the retracement and made 30% that day.
The key though is volume (measured in BTC). If coin pumps on no volume, then it's probably a very short-term P&D. I look for volume and hype in smaller markets.
"I am not ready to fomo in."
Hi!
Why not accumulate for a multi-month trade? Tricky to time the bottom. If you buy now ($57) and it goes to $40... who cares? LTC will have some positive news as Fall approaches and will likely PUMP. Just sharing my strategy. Wait for volume and money to return to trade shorter timeframes. Some of the smaller alts pump 50%-200% in a day when markets are more optimistic. Now is the season for gradual accumulation v.s. trading... IMHO.