So with the long anticipated correction finally upon us, and all the coins in retracement, I think I can safely say the next time BTC moves in either direction LTC will follow suit, with a vengeance! If you were on the fence about staying in LTC, do not concern yourself any more! There may very well be more dip to come, I'm thinking low 100's anything below 104 is breaking the trend however. That being said I think the most realistic place to stop is in the low 100's maybe $103-105.
Why do I say this? For one this has been NEEDED for weeks now, and the BTC Rally prevented it from occurring which is why we had artificial highs, rises, and massive dips even though BTC made barely incremental changes. LTC has been TRYING to retrace for weeks and has been denied. Thus the current state of affairs. I can also say with relative certainty that we are not done with this rally. I am 99.9999% certain BTC wants to go to 20k and the FOMO, FUD, and everything else is going to ensure it happens. That being said if you are wanting to get out of LTC now is the time to spread your Fiat to the big coins: BCH, ETH, XRP, ETC, BTC, and some in LTC. When one rallys sell it and redistribute into the others, until all the coins rallied. This is the perfect time to practice this for the next major rally, after the inevitable retrace back to yearly lows.
My suggestion? stay half fiat for the next few days, or until the 4 hour chart shows a slow down on the retrace If you are going to day trade, be aggressive, sell at $1 increments, meaning if it goes up a buck sell, if it goes down a buck buy. $1 is getting close to 1% moves, and you can almost gurantee 1-3% moves in both short and long term if you have the heart rate for it! I made most of my gains trading in this environment than the HODL, wait 3 hours and sell 5 LTC I have been doing. I can aggressively sell 20 LTC, buy it back with relative certainty, and sell it again knowing there will be a low! This is the kind of projected volatility that is actually possible to trade with, just like in April, except in a shorter time frame.
Once the down turn happens, and it WILL happen, LTC has shown that it will dump 10-15% then go up 5% from that low. Keep that in mind and you should be able to safely trade and make some healthy gains!
Why do I say this? For one this has been NEEDED for weeks now, and the BTC Rally prevented it from occurring which is why we had artificial highs, rises, and massive dips even though BTC made barely incremental changes. LTC has been TRYING to retrace for weeks and has been denied. Thus the current state of affairs. I can also say with relative certainty that we are not done with this rally. I am 99.9999% certain BTC wants to go to 20k and the FOMO, FUD, and everything else is going to ensure it happens. That being said if you are wanting to get out of LTC now is the time to spread your Fiat to the big coins: BCH, ETH, XRP, ETC, BTC, and some in LTC. When one rallys sell it and redistribute into the others, until all the coins rallied. This is the perfect time to practice this for the next major rally, after the inevitable retrace back to yearly lows.
My suggestion? stay half fiat for the next few days, or until the 4 hour chart shows a slow down on the retrace If you are going to day trade, be aggressive, sell at $1 increments, meaning if it goes up a buck sell, if it goes down a buck buy. $1 is getting close to 1% moves, and you can almost gurantee 1-3% moves in both short and long term if you have the heart rate for it! I made most of my gains trading in this environment than the HODL, wait 3 hours and sell 5 LTC I have been doing. I can aggressively sell 20 LTC, buy it back with relative certainty, and sell it again knowing there will be a low! This is the kind of projected volatility that is actually possible to trade with, just like in April, except in a shorter time frame.
Once the down turn happens, and it WILL happen, LTC has shown that it will dump 10-15% then go up 5% from that low. Keep that in mind and you should be able to safely trade and make some healthy gains!