Stop the panic Litecoin longs!


It's days like today I find that I am having to remind people what to overall long term trend looks like.

Litecoin is still bullish as it remains in my GREEN BULL CHANNEL . This BULL CHANNEL is nothing to sneeze at. It has remained intact since early March and has never been broken to the downside. Until it does, I will remain a bull.

Although I was stopped out of my previous trade, I will continue to re-position myself back into the market until the bottom of my GREEN CHANNEL is broken ...if that ever happens. It did not today. The CHANNEL BOTTOM held firm. And I'm still a bull.

Stay rational my trading partners. The trend is still your friend.
评论: Confirmation achieved. New candle opened below the BULL channel. Litecoin officially in bear territory for the first time since April. You should have captured your profits from the last few months and now be in mostly cash until the bulls come back.
it's broken but the 33$ line should hold. Time to reposition at a huge discount
@janjnv, Yes. But now in bear territory. Must wait. I've grabbed my profits from the last 6 months and am all cash now.
janjnv phil.steuerwald
@phil.steuerwald, I wouldn't understimate crypto bulls. If this was a FOREX pair a huge selloff like this one would clearly indicate a shift towards a bearish sentiment. But the overall crypto sentiment is diehard bullish IMO
@janjnv, agreed.
Seems like no end in sight for the hemorrhaging crypto...
Its just plain gambling... stop bullshitting yourselfs like theres reasons and chart patterns and trends, etc... this crypto stuff is a pure gamble at this stage.... penny stock turned big bet gambling.... stop trying to justify it... do you think its going up? then bet it... do you think its going down then bet it... stop comparing it to other markets cause it ain't that.... come on....
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@sdubyag, It's pure gambling if you don't know how to trade and don't set stops and have no strategy. Penny stocks are also gambling if you don't know how to trade them; however there are many millionaires that made their fortunes trading penny stocks. Crypto is its own animal and takes skill to learn. But yes, for most people it is pure gambling.
@sdubyag, Everything in life is a gamble. But like any good gambler, you've just got to learn how to play the game. You've got to know when to hold them and know when to fold. I've folded. All cash now. Made great profits these last 6 months and had a lot of fun doing so.
Bull channel broken. TA is just one tool of many to assess risk/reward. Consider that close to 1/2 the money supply for a market is cut off suddenly, entirely, and indefinitely. How might that affect the market in the future? I wouldn't look to my bull channel for answers. Enioy and appreciate your posts very much Phil, keep them coming. Just wanted to share my bit. Thanks.
@Saylo, Thank you. I will definitely take that advice into consideration and may do just that if we are still flirting with this border.
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