Litecoin loves to honor the wedge pattern breakout. i was not expecting t he move to play out until after B2x, but it is understandable - this 14% move beats the 10% dividend yield for holding bitcoin - opportunity cost of capital -- we could start to see moves like this play out across the alts as the first movers are sniping this trade - Expect BTC to take a dip - before rallying back towards 7200 come fork day.
In my mind - this is the confirmation move us that will propel us through the $100 mark to see massive new all time-high.
Do you see a pullback to test $60 if it reaches $64/65?
Lorenz_Capital
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@wgf7250, yes - i would expect to see some brief consolidation at this 50% fib level ($60) - probably another good sell-off a few days before the fork, as the clever traders go all in to BTC right before the snapshot - but after B2x - LTC will get a lot of love - especially considering this pre-fork rally - this will be one of the alts that will be on everyone's watch-list - we will be testing all time highs by Christmas
wgf7250
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@Blorenz, thanks! Very helpful! Look foreword to more of your posts!
@wgf7250, any thoughts about LTC today? Bitcoin is taking a break and may slide down below 7400 today after “ath fake out” the to 7550. so do think that may rally LTC to break 63.70? Or do you have think a rally in btc will boost LTC or drive it down to retest lows?
It is good to see ltc take a breath while the other alts play catch up - be nice to see LTC emerge as a leading indicator for the rest of the alts.
Following the b2x postponed announcement, I moved my holdings into the the strategic allocation I had planned for post fork, as if the fork already happened.
I really don't see why bitcoin's valuation should be this high when there is no more 16% dividend coming, yet BTC does have so much momentum that any sell-off would be brief -- maintain a diversified portfolio of your favorite alts for the next few weeks, also keep a little bitcoin in there to hedge the risk and you should be golden.