After an exceptional breakout where we are up more than 30% in one day, the question to ask. Is there room to run? Did I miss the boat? I want to first address all the fake news surrounding the Litecoin' fork as this was somehow the reason for the bullish move. Two important thoughts on the upcoming fork. First and foremost the market was at extreme lows where it was very much oversold. Though we were taken off guard by these extreme lows we understand to expect the unexpected and though we missed the exit point we held as the long term chart is bullish regardless of what is being said. Secondly anyone in this space for over two or three months understands that forks happen and any news on a fork is quickly researched to no end. The fork was announced over 10 days ago and Charlie Lee went on twitter and stated "PSA: The Litecoin' team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin'. Don't fall for it...." Clearly this is old news and it is a stretch to think this had any affect on the current price. This is simply "click bait".
So did we miss the rally? Long term LTC' has room to run. Currently we are testing the 223 and 226 levels which are the 0.382 retracement of the correction and the 0.382 extension of the previous bull move. Previously I added at these levels, and held through the correction but I am looking to add more. Trying to time tops and bottoms is a game of chicken vs the market. Not that you can not buy extreme lows in good quality assets but I find that jumping on train after it left station often leads to buyers or sellers remorse. Again I missed the breakout train so I want to wait for a pullback before adding.
I am looking to add on a pullback to the 186 and 155 levels which are the 0.382 & 0.618 retracements of the current bull move if this resistance level holds. This is a specific longer term trade with an initial 301-327 target level which is the 0.618 retracement of the correction and 0.618 extension of the previous bull move. Longer term I have a target of 424-484. Again if you have been following me for a while you know I do NOT use stop losses. In a bullish market they often do more harm then help as anyone can attest to that has been stopped out just before the rally starts.
A breakdown of 155 would negate the move here, but with gold on the move, the stock market over bought, the only other asset class that I believe there is alpha to be made is cryptos. Large investors are always seeking alpha. Now there are a few stocks I like here, but these are the exceptions.
Bottom Line: If you have followed for a while you know I do not like actively trading corrections. Though we have added some longer term positional trades to our portfolio these are trades I have no issue with holding. Bull markets are where I want to start positioning myself for some more active trading and I am feeling more confident the Bear market is coming to the end and we are entering a Trader's Market. This is what we have so patiently waited for and more importantly have Cash On Deck to take advantage of.
So did we miss the rally? Long term LTC' has room to run. Currently we are testing the 223 and 226 levels which are the 0.382 retracement of the correction and the 0.382 extension of the previous bull move. Previously I added at these levels, and held through the correction but I am looking to add more. Trying to time tops and bottoms is a game of chicken vs the market. Not that you can not buy extreme lows in good quality assets but I find that jumping on train after it left station often leads to buyers or sellers remorse. Again I missed the breakout train so I want to wait for a pullback before adding.
I am looking to add on a pullback to the 186 and 155 levels which are the 0.382 & 0.618 retracements of the current bull move if this resistance level holds. This is a specific longer term trade with an initial 301-327 target level which is the 0.618 retracement of the correction and 0.618 extension of the previous bull move. Longer term I have a target of 424-484. Again if you have been following me for a while you know I do NOT use stop losses. In a bullish market they often do more harm then help as anyone can attest to that has been stopped out just before the rally starts.
A breakdown of 155 would negate the move here, but with gold on the move, the stock market over bought, the only other asset class that I believe there is alpha to be made is cryptos. Large investors are always seeking alpha. Now there are a few stocks I like here, but these are the exceptions.
Bottom Line: If you have followed for a while you know I do not like actively trading corrections. Though we have added some longer term positional trades to our portfolio these are trades I have no issue with holding. Bull markets are where I want to start positioning myself for some more active trading and I am feeling more confident the Bear market is coming to the end and we are entering a Trader's Market. This is what we have so patiently waited for and more importantly have Cash On Deck to take advantage of.
