Coin Telegraph
GOOD AFTERNOON STEEMIT!
So maybe I bought that Litecoin was a little prematurely. I'm not saying it was a bad decision by any means, I'm happy to be back into building a HODLing position in the big boys, but it doesn't mean that a 15% correction doesn't hurt.
But in saying that, take a look at the chart. Once again, in the purely speculative market that is crypto, higher time frame technical levels are being respected even in the midst of a panic driven sell off. Here's a Litecoin Hourly:
LTC/USD Hourly
Look at that panic sell as stops triggered underneath the trend line and range support. But where did it stop TO THE PIP? Yep, right at that previous resistance as it turned to support.
Crypto is still a technical trader's dream because of the fact is it primarily driven by short term speculators and not big institutional money. The smaller guys like us will hit the levels immediately with purpose which gives them strength. Technical analysis is a self fulfilling prophecy afterall.
The lack of institutional players who would try to trickle into an enormous position over the space of a week no matter the day's price or level means we get big, fast corrections like this, but it is also a blessing in that levels are obeyed.
Stay strong!
In the few Facebook chat groups I'm in with relatively new traders to the crypto space, they are sweating absolute bullets. Just think about all the new money that we've seen flood into the market recently that has no idea what to do, can't handle their emotions and are dumping at absolutely any price they can get at peak panic.
This is profit taking and then panic starting to set in. HODL and scoop up those weak hands. You'll thank me when you're sitting down after Christmas with Grandpa Joe, pull out your phone because you can't take any more of his shit and BOOM, THE SHORTS FACES ARE BEING LITERALLY TORN FROM THEIR SKULL!
Enjoy your Friday guys. Don't be the weak hand that panic sells the bottom. This is a healthy correction in what's just the beginning of the bull market to end all bull markets!
Peace.
Instagram: @forexbrokr
Website: www.forexbrokr.com
I have to say that Charlie Lee selling out of his Litecoin position doesn't sit well with me as a supporter
But it removes conflict of interest. No more accusing him of price manipulation when he tweets.
I actually see it as a good thing for the price of Litecoin.
He sold out because of some heretofore unannounced partnership. He will be working for facebook or amazon soon enough pushing Litecoin. Just wait for it. Frankly you can hold this through 2018 and 2019 while mainstream mass adopts cryptos. Don't even look at the price but once a year.
The best investment atm is LTC. So many positives coming out of it. It will be the BTRASH killer in 2018! LTC will have merchants lined up around the corner to use it and BTRASH well you can buy antminers with it lol.
BTRASH is junk.
Litecoin is still way way way cheaper than BCH. Buy LTC.
THIS!
Yup, nice pull back opportunity, I bought some more at 265
You’ll like that price in 2018 :)
Indeed! Anything <$400 will look pretty dang good when we are at $4000+
this is the crypto graph that really strikes the comrade, the price so fast ride turu,
success for you always for you friend, thank you for sharing this.
Not a problem my friend. Relax and enjoy your day :)
thanks friends have given the spirit for me, my friend for example if there is a time forgot to visit my post, maybe there are friends who like my post,