This is less of a price trajectory and more an observation of the behavior of LTC. I made the mistake of assuming the leg up on the 16th was just that 1 leg, instead of the precursor to another. That isn't to say that I personally believe that the movement is reversing, simply that LTC has a very strong tendency to leg up, dip, then leg up again. Granted it only tends to do this twice but during the parabola to 144 (the first time) it did it 3 times!
So what does this mean for us lowly traders? It means if you are not confident about the movement (or even if you are) a strong suggestion is the 50% rule: half fiat/BTC half LTC, when approaching the Ascending triangle formation that could equal a leg up or down. The reason I say this is because there are exceptions, just like with anything, but the risk/reward has to be something you are comfortable with. For me I was in denial that it would leg up but still set up a few trades accordingly. Thankfully I did but that simply means I missed out on a lot of potential growth because of my stronger belief it would go down. Hindsight is always 20/20 as they say but it also makes alot more sense, and I have better grasp of what to look for in "real time". That also being said LTC has a strong propensity to reach back to its "lower peak" ranges before further upward travel, or, hopefully, in this case, continues travelling lower haha!
I hope this observation helps you in the future!
What do you guys think?
So what does this mean for us lowly traders? It means if you are not confident about the movement (or even if you are) a strong suggestion is the 50% rule: half fiat/BTC half LTC, when approaching the Ascending triangle formation that could equal a leg up or down. The reason I say this is because there are exceptions, just like with anything, but the risk/reward has to be something you are comfortable with. For me I was in denial that it would leg up but still set up a few trades accordingly. Thankfully I did but that simply means I missed out on a lot of potential growth because of my stronger belief it would go down. Hindsight is always 20/20 as they say but it also makes alot more sense, and I have better grasp of what to look for in "real time". That also being said LTC has a strong propensity to reach back to its "lower peak" ranges before further upward travel, or, hopefully, in this case, continues travelling lower haha!
I hope this observation helps you in the future!
What do you guys think?