Yesterday, I commented on what I considered to be a strong show of support for LTC at the 300 level. I was a short term bear until I saw this strong support. Still, a lingering question remains as to whether LTC can break away from tracking with Bitcoin and start charting it's own path up. I am optimistic after yesterday's performance. After seeing BTC slip down to the 46K levels, while LTC again refused to be dragged down below 300, I was encouraged enough to open a small long position at $310. If we look at the 15 minute chart, we can see how again and again, LTC has refused to go down much below 300 of late. Therefore, in my opinion, I think we could see BTC go down again to 46 or even 44K and yet LTC will still see support at or near the 300 level. Of course, if there were a general market decline, that could change. It is important to realize that we live in a whole new world after COVID. There is much turmoil right now in the world, and we could see extreme volatility as current events unfold. We have seen how sensitive the market is of late - how it dropped after a simple comment by Elon Musk. We should expect this volatility to remain and use all due caution. However, volatility can swing both ways, and while there can be big drops, there can just as equally be huge gains. We can minimize downside risk by using proper trading techniques - using stop loss, dollar cost averaging on buys, etc.
In closing, let me say that I caution against the average investor trying to day trade in the crypto market, especially during such volatility and given current world events. Far better, in my opinion, to buy one or two investments that you believe have strong long term prospects based on your thorough research. I say this based on experience. The average person will lose money trying to day trade. It's just a fact.
I welcome all opinions, thoughts, or ideas. If you disagree with my opinions, even moreso.
In closing, let me say that I caution against the average investor trying to day trade in the crypto market, especially during such volatility and given current world events. Far better, in my opinion, to buy one or two investments that you believe have strong long term prospects based on your thorough research. I say this based on experience. The average person will lose money trying to day trade. It's just a fact.
I welcome all opinions, thoughts, or ideas. If you disagree with my opinions, even moreso.