Story of how I panicked sold like a bitch + LTC Predictions (: Man what a crazy night. Definitely a lot of FOMO and FUD. It was a humbling experience especially when I broke my personal trading rules. I didn't step away from the computer and I let my emotions take control. I did cut my losses which I was prepared to do and 100% did not regret the decisions, but I realized I could have mitigated the amount if I reacted with conviction and surety. Then I did the worst thing any trader can do... I chased the market. There was a lot of price manipulation going on last night. I had buy orders back in at $68...I saw the market spike back to $70... saw that ETH wasn't dipping at all and I bought in.....BOOM two seconds later market dropped back down to $68. Sold at another loss....only to have the market recover...
The group chats had a great conversation about learning to trade without emotions. How some of them stepped away from the screen when they saw the panic starting to hit and went to eat a nice dinner. Came back and viola market recovered and all is well. While i stood at my screen semi raging at my own stupidity :P I drank some beer, played CSGO & PUBG and ended the night hanging with friends and a tough lesson learned .... cost me $3,000. OUCH (Still more than I learned in college, haha JK).Learning to streamline your efficiency as a trader involves getting a strong grasp of your emotional control and risk management. Yesterday I got a BIG FAT F in both departments. Thankfully I recovered most of the losses this morning.
I decided to update my TA's and when I looked at the original chart I posted last week i seriously felt like a big ding dong. The market has been following my predictions fairly closely and I threw away my hours of analysis and supporting evidence just because a couple pennies moved. Yes, we have to remain agile in such a volatile market such as crypto...but we also have to stick to our guns. I do not regret the mistakes I made yesterday, but i realized I could have handled the situation better. Hopefully, I am not the only to have experienced this.
Price Predictions:
Several things can happen here. We still have a strong support between $70-67 range. We can expect consolidation and buildup here. It has been bot actions and low volume for the past week. ETH and BTC are hitting ATH and little bro LTC is feeling underappreciated. Is he the middle brother Ball brother??? LOOL Let's hope not. Personally, I think LTC will get its rise to fame. We haven't hit the volume and stride we needed, but I thinnk we are almost there. This has been a very resilient little coin and has been on an overall uptrend. It continues to break barriers at every turn when people just want to give up. Holidays are coming up...and I know this little coin will do well. I am setting my sell points at $75 - 80 for the next three weeks.
Great buy in points are $69-65. Even lower if BTC falls off its ATH. I can expect a quick recovery for ALTs affected and a bounce back.
Resistance for LTC stands at the $72.5-75 mark. If we can get volumes like we did last week to break the $66 TP, we are golden poney boy.
Again....to qualm the storms of those who own cryptos and LTC. One day we are going to look back when LTC was priced at $70 and wished we bought some more. Let us start looking big picture and expand beyond the day trading mentality (you can still make $$$$ DT LTC). In the month of November, we moved from $50-70. That's a big step for LTC.This baby is going to $100-200 next year. It is only a matter of time. Soooooooooooooooooooo dont be a dumbass like me. Stick to your guns and be confident in the trades you placed. :) Happy Trading and Happy Thanksgiving. Don't forget to give to those less fortunate than ourselves. Remember all of the money/success in the world will not matter if we never made a personal impact in the lives of others.
