A nice bounce that needs time to confirm
My thoughts on LTC (not fin. advice, please I'm a noob don't listen to me and DYOR) are the following:
A few interesting things have happened. First, the RSI daily reached oversold conditions below 30 yesterday, which was the first time since Dec 2016. It was short lived, and we saw a good bounce. My hope is that this isn't just an oversold bounce on the daily time frame, with bearish continuation. We need to see more signs of reversal, which is when I usually turn to bluntly obvious upward price action shooting at the moon and new ATHs, or Magic Poop Cannon. ;D I am optimistic about the near future however. Lots of new investors (and especially new to crypto willing to take the plunge) have been watching this bear action over the last month and have a few extra Ben Franklins earned in January waiting for less red and more green to buy in. Sadly, many probably don't know they should buy red and sell green, but at least it could help reverse the markets.
Second, we do have some light shining on a potential bullish MACd cross on the daily time frame. LTC has had the most significant bounce of all crypto in the last 24 hours, LTCBTC looks especially great I might add. This 30%+ bounce might tell people where it's really at (I'm a biased LTC supporter/fan, but still that's something to consider) and more people might start buying it. So LTC has a lot going for it, I hope it can keep up its momentum and hold at these levels.
Last thing I want to point out is that LTC has gotten back to the previous support level (lower red line) before dropping through and crashing. Maybe a few of you experts out there can tell me if that's significant or not (meaning, breaking through a support level and returning to it), but I think it is. It may not apply however, I simply don't know.
Congrats to investors who bought the dip and are sitting on a fat profit! May the tides be ever in your favor. I myself benefited a little bit from the dip, but I was conservative in where I placed my buys still. Hope this might shed some light on new ideas that you might not have considered before. I'm really excited to see Feb. growth, and the the season of return of the taxes!!! Bye yall. See you on the moon.
A few interesting things have happened. First, the RSI daily reached oversold conditions below 30 yesterday, which was the first time since Dec 2016. It was short lived, and we saw a good bounce. My hope is that this isn't just an oversold bounce on the daily time frame, with bearish continuation. We need to see more signs of reversal, which is when I usually turn to bluntly obvious upward price action shooting at the moon and new ATHs, or Magic Poop Cannon. ;D I am optimistic about the near future however. Lots of new investors (and especially new to crypto willing to take the plunge) have been watching this bear action over the last month and have a few extra Ben Franklins earned in January waiting for less red and more green to buy in. Sadly, many probably don't know they should buy red and sell green, but at least it could help reverse the markets.
Second, we do have some light shining on a potential bullish MACd cross on the daily time frame. LTC has had the most significant bounce of all crypto in the last 24 hours, LTCBTC looks especially great I might add. This 30%+ bounce might tell people where it's really at (I'm a biased LTC supporter/fan, but still that's something to consider) and more people might start buying it. So LTC has a lot going for it, I hope it can keep up its momentum and hold at these levels.
Last thing I want to point out is that LTC has gotten back to the previous support level (lower red line) before dropping through and crashing. Maybe a few of you experts out there can tell me if that's significant or not (meaning, breaking through a support level and returning to it), but I think it is. It may not apply however, I simply don't know.
Congrats to investors who bought the dip and are sitting on a fat profit! May the tides be ever in your favor. I myself benefited a little bit from the dip, but I was conservative in where I placed my buys still. Hope this might shed some light on new ideas that you might not have considered before. I'm really excited to see Feb. growth, and the the season of return of the taxes!!! Bye yall. See you on the moon.
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