We have awoken the sleeping giant, but that giant is not litecoin', it is the USA' and main street. Now why do I not say Wall-street? Well wall-street was in way before this weekend and it was clear from an interview with one of the bankers on CNBC that most of the guys in the trading room already owned coins. But bitcoin' was not the trade! It was litecoin' and the reasons, though hindsight, provide an investment and trade strategy going forward.
There are only 3 coins on coinbase and the obvious choice for many into this space is either Bitcoin' or Litecoin'. Now why not Ethereum? Well Ethereum' plays in a different market space, and the interviews yesterday definitely brought attention to litecoin' which at the time was trading around $160. Ethereum quite frankly is not in the news at all! Now as I stated earlier, Charlie did not knock it out of the park by any means, at least in my opinion; However, any exposure at this point is good for anyone and Litecoin' definitely was the recipient of this. Just the fact he was on CNBC along with Neha Narula from MIT (who definitely knocked it out of the park) provided a boost for LTC' holders! So why Litecoin'?
With money just starting to flow into cryptos from the U.S. and coinbase being advertised on CNBC every 30 minutes or so, it is no wonder Litecoin' is crushing it right now. Bottom line I get more shares for my money, and the interview provided additional validity to the coin! Heck I know many that will not buy expensive stocks as there is the mentality of "I get more for my money" with cheaper ones. Well this is often a bad way to invest but there is the alternate view "it is easier for a $200 coin to go to $800 then a $18,000 coin to go to $72,000" and point well taken! So the obvious trade was Litecoin' Saturday and not bitcoin' and yes I missed it. But missed once I will not miss again!
So though our target is hit so why am I not selling? Well bottom line MOMENTUM! Why would I sell a stock or coin with a huge surge in momentum? Its simple, I DON'T! Trying to time tops as an "investor" is a losing game won only by liars. First of all there is more room to run, so me selling now and adding at $220 (if it even pulls back to there) would be a negative return due to taxes and that is a big IF! Keep in mind I bought originally in at $50 So what is my plan?
If you follow you know I have preached over and over CASH IS KING DURING PULLBACKS. I am simply going to wait for a pullback (if and when it happens) and look to add to the portfolio as well as add a duplicate 2x's trade! The chart couldn't be more and neither could the market. Momentum is crucial and there will be several setups for traders on a pullback, and I am not missing this one. I will use the trade to cost average my added position. Everyone in a bull market is a genius and we can use this to our advantage!
I have updated the charts, and because we have awoken the sleeping giant, I am uncertain if the train stops here. We can definitely go higher before a pullback. So these are the new target levels I am looking for. Keep in mind any pullback will be quickly bought up, so you are on your own. In addition it is your money so trade and invest wisely.
No news, is quite frankly, bad news, and case in point Ethereum'. As we saw in the election, face time on the news is as or more important than having a good platform. Charlie didn't knock it out of the park, but he didn't strike out either, so he pretty much got a walk to first base. But Charlie getting to first base means you have 3 more to bring in a score. Watch your interview and use it to improve future ones. I want to have faith, give me a nug' baby! LTC' has quickly become #2 in my portfolio due to the run up!
It was requested from Facebook to do it so that he can’t be accused of personal interest, decision bias with regards to the LTC ecosystem development. Facebook is preparing the big announcement that they will introduce support for Litecoin as payment channel. “Digital currency exchange startup Coinbase has announced the appointment of a Facebook executive to its board of directors. In joining the board, David Marcus, vice president of messaging products at Facebook, will bring years of experience in building large-scale mobile products, according to a Coinbase statement posted yesterday.”