GeorgeChart

LTC/USD Short Term Elliot Wave Uptrend

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Broke 5K resistance at 225. Looks like possible Elliot Wave on 15 minute chart. Small chance we could get to 240 prior "mild" support level . Volume is low Obviously year end tax planning could make anything happen.
Can you please explain the year end tax planning?
Reply
GeorgeChart piatt.jesse
@piatt.jesse, Sure, it's an uncertain period for trading because every individual has their own personal reasons to buy or sell. At 12AM the fiscal year 2017 ends. Some traders may sell off coins to take profits/or losses and pay taxes on those gains/losses in April. Others may wait until after midnight to sell. If they do this, they won't have to pay capital gains taxes until April 2019. We saw a significant selloff over the last few days of the year, so it's hard to say what's going to happen in the next few days. Hoping to see some strong buys from those who sold over the past few days...unless, of course, they were newbies who panic sold during the drop.
Reply
piatt.jesse GeorgeChart
@GeorgeChart, thanks for the explanation. This was one of the things I found curious about the timing of the sell off. I hadn’t expected prices to correct till the first of the year because of the tax implications. The tax man is going to be brutal come April.
Reply
GeorgeChart piatt.jesse
@piatt.jesse, Hindsight is 20/20, right? Can only assume Charlie Lee's selloff triggered aggressive profit taking by those who were expecting the "correction". Total uncertainty here, could be a bloodbath continued selloff after New Year or an influx of re-buying in the coming week(s). Hoping for the latter.
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