Where we are now as of 10 am Friday 13th, 2018. We are hitting major resistance of a major declining since the peak in February. So a pullback would be normal at this point. The questions are: How far will this pullback go and is the bear market finally over? Normally, I would expect LTC to decline 50% to about the 123-124 area. At this point you'll just have to monitor what happens afterward. If the decline picks continues and picks up speed, then it could get ugly, especially if it breaks below 115. However if the market decline seems to hold without much panic, then we may be on for another ride, the one we have been waiting for - the parabolic move up that will continue for months. We may not even have a 50% decline if the bull market is here.
Here are several factors that have come into play over the last week into the present time.
George Soros announced last week he will be entering the crypto currency market. That is a big deal. We been waiting for more players and institutions to come in. George Soros is famous for being a currency trader. He may be a hated man for many reasons but he has tremendous respect financially and not just because he is worth $8 billion. On your own time, you can do some google research about how Soros broke the of England in 1992.Exactly when Soros will or has entered the market is unknown. If he is long, he probably went long before any announcement.
Next, the Rockefeller's announced they will be buying into blockchain related businesses. While this is not a direct investment into crypto currencies, it was positive news. Another big name with lots of capital.
Thirdly, we have the $6000 put on bitcoin . This might have been the deciding factor that we have bottomed IMO .While there is no special requirement for any person to privately purchase cryptos for themselves, there is a requirement that only allows many government entities and financial institutions the ability to invest in markets that have at least a $100 billion market cap commercially for clients. The fact that institutions need bitcoin to stay above $6000 became that hedge or put option for the rest of us. Every time bitcoin got near that 6000 price, they had to buy more.
And that leads us to today. As early investors, it is much easier to compete for the limited supply of coins. But as more players come in with large sums of money, they are not only competing with other big players, but with us little players too, and all for the same limited supply. Only 21 million bitcoin and only 84 million litecoin. Right now, we are lucky only private buyers can buy litecoin. That will rapidly change as this bull market takes off and litecoin breaks the 100 billion cap. Right now there are only 56 million litecoin available since 28 million are yet to be mined. That means litecoin only needs to reach $1785 to reach that 100 billion cap. And my price projection is still minimum $2000 litecoin this year.
This is where it pays to hodl."
As of today, 4/15/18 at 1:19 am, the market has held steady reach a low just above 124. Odds are rising we will continue higher as the chart included suggests. Once reaching that declining resistance above, look for possible correction