We can see that that LTC failed to sustain it's upward pressure and started to pull back, while BTC actually broke to the upside and had a substantial move before pulling back. Remember, we laddered in from 70-60(depending on where you saw my posts) down to 55, even 40 in some cases. We are in very good position to hold for a move up. Now, my last post update said, don't let your profit get from you. You could have easily sold at these highs and made out nicely. There has been plenty of opportunities to do so. But the choice on holding or selling is really determined by your comfort level and how you emotionally react to volatility.
What now? The main critical area we need to watch is this $60-65 area. If this area breaks, we could very well be in for more downside. When we look on the daily chart, we can see LTC followed an oversold pattern and is going through a normal correction. This could give us pause, however the weekly chart looks very strong. It's trend has reversed to the upside, MACD is moving slowly and gradually to the upside. This tells me that this pullback is normal and we should get a stronger move to the upside and as all things cycle, it will take days to consolidate for another move to the upside.
Happy Trading and hodling,
-Sherem
What now? The main critical area we need to watch is this $60-65 area. If this area breaks, we could very well be in for more downside. When we look on the daily chart, we can see LTC followed an oversold pattern and is going through a normal correction. This could give us pause, however the weekly chart looks very strong. It's trend has reversed to the upside, MACD is moving slowly and gradually to the upside. This tells me that this pullback is normal and we should get a stronger move to the upside and as all things cycle, it will take days to consolidate for another move to the upside.
Happy Trading and hodling,
-Sherem
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