This is the first indication I've seen in the last 2 weeks that an uptrend is close, as far as the chart is concerned. IF the very recent low holds true (at my arrow point), a steady uptrend channel should start, and a possible breakout at the tip of this rising triangle. The only reason I am comfortable calling this so early is due to the fact that there has been good news swirling about regarding Litecoin, plus the fact that the ridiculous negative news story from South Korea appears to have inflicted its maximum "damage" on the crypto market.
Forget all of the fancy trend lines and extra analysis. I think it's best to keep it as simple as possible and use a balance of chart trending plus fundamental events when looking at these plays. I have 3 recent purchases of Litecoin. First at $284, then $245, and finally at $237. I'm going to buy at least 4 more LTC coins, but I'm taking my time. I'm a little gun-shy after watching the price drop after each of my buys, but it won't matter in the long run. If you are HODL-ing Litecoin, I think it is relatively safe to enter anywhere in this range.
Share your thoughts, and please add some insight if you have some!
I think it would be good to understand the relationship between BTC and LTC before you put money on a long position at this point.
carltonzone
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@silmaril0875, Very good advice. My business partner was just talking to me about this very topic. There is definitely a relationship between the big 4 and the altcoins. This is something we are looking to study more closely. Thanks!
Boss_Coyote
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You will deffinitly be fine in the long run .. don't worry at all .. the moon is this year !
Freshoutofideas
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I think you may be right and idk if i want you to be, call me greedy but I've been shorting between the 200-230 range. Being that said obviously I just sold. Regardless we'll see.
carltonzone
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@Freshoutofideas, That's awesome! I'm glad ONE of us made money from this in the last few weeks! haha. I lost a little bit of confidence when the last pennant I spotted broke out the WRONG WAY. But that's how it goes. Guesswork doesn't always play out the way I want. And I was super-cocky after several weeks of dead-on buying decisions right before breakouts!