LTC hasn't stopped yet!
Updated
Folks It seems I am doing well so far in analyzing this current trend so lets see if I can keep up the pace! The thing about Crypto is that just like traditional markets, there are patterns, rules, and trends that make trading, and investing significantly better than outright gambling. If you can accurately project a long term position you can choose to HODL, or to day trade accordingly. The better you are at that the more successful and rewarding the trades! Despite my writing these little ideas, and publishing, I am far from an expert and would claim to only know, how little I do know haha! That being said it can be noted that during down trends, or even rises, the most consistent indicator of all, is time. Time doesn't fail the trader in long or short term increments.
I published something to this effect before but I will repeat the theory here: The most likely position of any given asset is the passage of time. If an asset drops for 3 hours it will rise for at least 1 from that low point. Likewise if it has risen for 8 hours there will be a minimum of 3 hours decline. There will be peaks and valleys but the low will occur in roughly 15, 30, 60 minute intervals. That being said this dip, or correction, is going to last until approximately the last week of July at which time we will see a rapid rise to previous highs and likely new highs for the year with the halving event. This correction is partially in anticipation of that, but also the natural swing of the pendulum for any asset!
So that being said I am setting my sights at $64.86, or a double bottom of the low from the April burst! I believe that number will be touched once more. Whether it goes much lower than that I cannot say, but I am going to position myself to the best of my ability for that as the rock bottom! That also being said I believe we will reach between $97-103+ before dropping another leg. So far we have dropped 25% from the preceding high of $107, a low of $85.16 that we have not revisited, and the most likely high point would be about 14% rise from $85.16, or higher! Who knows how high, but my money, literally haha, is on $97-$103!
What do you think?
I published something to this effect before but I will repeat the theory here: The most likely position of any given asset is the passage of time. If an asset drops for 3 hours it will rise for at least 1 from that low point. Likewise if it has risen for 8 hours there will be a minimum of 3 hours decline. There will be peaks and valleys but the low will occur in roughly 15, 30, 60 minute intervals. That being said this dip, or correction, is going to last until approximately the last week of July at which time we will see a rapid rise to previous highs and likely new highs for the year with the halving event. This correction is partially in anticipation of that, but also the natural swing of the pendulum for any asset!
So that being said I am setting my sights at $64.86, or a double bottom of the low from the April burst! I believe that number will be touched once more. Whether it goes much lower than that I cannot say, but I am going to position myself to the best of my ability for that as the rock bottom! That also being said I believe we will reach between $97-103+ before dropping another leg. So far we have dropped 25% from the preceding high of $107, a low of $85.16 that we have not revisited, and the most likely high point would be about 14% rise from $85.16, or higher! Who knows how high, but my money, literally haha, is on $97-$103!
What do you think?
Note
Well it would appear I was dead wrong about the next high haha! However the $67 range certainly seems more and more likely! Seeing as how this is the first major retracement of the year, and the second large retracement I cannot say with certainty that it will follow in the exact footsteps of the April decline. It does however seem that rather than following the standard trend of leg down, bounce then decline, that was reserved for the 1st leg down only, and the others have only the one bounce up ~10%.What this means that if you are day trading and you missed the "peak" then I suggest selling as much as you are comfortable with or converting to BTC and buying into it after the drop!
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