carltonzone
Long

LTC Breakout Bust - Great Example of Unpredictability

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
I was charting this all day. I was so confident in this formation that I almost posted an idea and recommended this as a great buying opportunity with the pennant formation showing so nicely, and the volume spike that went with it.

Well as we can see, we didn't even make it to the point of this pennant and it broke out... first through the top, and then surprisingly through the bottom. I honestly have never seen this happen before. Is is a great example and wonderful learning opportunity that should come in handy for all of us. We can never be too sure of ourselves when it comes to LTC and reading chart patterns. I would estimate the 9 out of 10 ideas that I read all agreed that this was going to be yet another breakout that would vault us to the next support level .

We are still forming an incredibly sloppy chart, which tells us that LTC has a mind of its own and we will see things like this happen. I'd love to see LTC get to the $250 support level , but I don't know how long it will be before that happens. I still believe the long-term upside is tremendous, and the developments are absolutely stellar             . But I still have the yellow "CAUTION" light out for anyone daytrading this coin.
Or a great example of market manipulation :(. There's nothing in the news that would result in this.
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@i8myapl, I totally agree. There's probably a lot of manipulative nonsense going on behind the scenes with the smart money, so fool us into selling.
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exactly, I did share this kind of scenario for ETC today
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carltonzone bdavletov
@bdavletov, You nailed it. Love the plane dive-bombing! That's hilarious!
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