LTC/USD Another Pivot Point
During last Thursday's TA I had mentioned that we were at a pivotal point. The appearance of an inverse Head & Shoulders was formed, but we were also at the top of the "new" downtrend channel (pink lines) from post Litecoin cash upswing. In that TA, mentioned that we would need to clear $189 to confirm breakout...and that didn't happen. Also mentioned that...if that didn't happen that there was a high possibility of a continued drop in the down channel. That did happen.
The decisions are never easy. We broke below the December ATH resistance line around 177-175, below the down channel mid point line (red) and we're now hovering at the Dec ATH .786 Fib line around 165. This is not a bad place to DCA a small stack since we've spent most of the time in the upper half of the downtrend channel. A bounce from this spot could take us back to the 182 level; but definitely save some room in case the dip continues and takes LTC down to the bottom of the channel $146-147 range. If we bounce from the fib, upside potential to $184-185. If we continue to the bottom of the channel, we would hope for a bounce back to 175 range with hope of a breakout. FWIW, on March 30, 2017 there was 18% breakout day which many believe was the beginning of the great bull run of 2017. I'm seriously hoping for a long price reversal soon.
I personally believe in cryptocurrency, and I believe in Litecoin. It's not been easy over the past 3 months, so form your own opinions as to whether you want to invest/trade in this volatile space. As always, this is only an opinion. Do your own research, and invest at your own risk.
The decisions are never easy. We broke below the December ATH resistance line around 177-175, below the down channel mid point line (red) and we're now hovering at the Dec ATH .786 Fib line around 165. This is not a bad place to DCA a small stack since we've spent most of the time in the upper half of the downtrend channel. A bounce from this spot could take us back to the 182 level; but definitely save some room in case the dip continues and takes LTC down to the bottom of the channel $146-147 range. If we bounce from the fib, upside potential to $184-185. If we continue to the bottom of the channel, we would hope for a bounce back to 175 range with hope of a breakout. FWIW, on March 30, 2017 there was 18% breakout day which many believe was the beginning of the great bull run of 2017. I'm seriously hoping for a long price reversal soon.
I personally believe in cryptocurrency, and I believe in Litecoin. It's not been easy over the past 3 months, so form your own opinions as to whether you want to invest/trade in this volatile space. As always, this is only an opinion. Do your own research, and invest at your own risk.
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