Litecoin Appears to Have Bottomed

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Almost the entire cryptocurrency complex rebounded today, following two days of heavy selling. The appearance of one of my favorite (and only) chart patterns I pay attention to gives me the confidence to write this note. I've been trading the markets since 1995, and in that time I've realized that there is vastly more "technical analysis" that DOESN'T work, than does. One of the few things you can have confidence in the markets is the appearance of a HAMMER candlestick pattern following a sell off. And there seems to be a logical explanation for its formation. Markets are made up of small investors and huge institutional investors, market makers, hedge funds, and other large investors. These well-connected investors tend be better informed than those of us little guys. There is a vast amount of information available on the internet for the HAMMER candlestick , but I will briefly summarize it by saying that it is a candlestick with the open, high, and close, all within relatively close distance to each other, and a long tail for a LOW of the day. Essentially what is happening is large investors are purposefully forcing the price down taking out stops as it plunges. They are essentially picking up cryptocoins (or whatever it is you're trading) on the cheap! After they have accumulated the available supply at low prices, the price is forced back up. The more thinly traded the market, which cryptocurrencies are, the more the technique works. That's why I've highlighted a number of them here on the chart. It's a strategy works, and will continue to work--until it doesn't. ;)
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