Patience is key in this slow and uneventful environment. This market is full of false starts and no follow through which means there needs to be a catalyst to spark the follow through required to begin the next broad movement higher. A close above the 165 level would confirm the break of the and could be the beginning of a price structure that can lead back to the low 200's at least.
Keep in mind these markets are all following BTC . This market in particular, looks almost identical to the BTC chart. Both of these markets are fluctuating within major support areas which serve as an important factor when it comes to considering market context. In this market, there is the 161 to 139 major (.618 area of recent structure) and overlapping that is the 151 to 145 minor support (.618 area relevant to recent swing). And just above that is the 153 extreme reversal zone boundary that is relevant to the 156 low. Even though the momentum is generally , price is within an area where a reversal and break out is highly likely.
Although price is moving slowly, a catalyst can always come out and scare these markets lower. As long as price stays above the lower (140 area), I will not be concerned with minor fluctuations lower. IF price breaks and closes below the 140 area, then that would open the possibility of a retest of the low 100's. Just something to keep in mind.
In summary, when markets trade in tight narrow ranges and put the herd to sleep, that is the best time to accumulate inventory in my opinion. Position trading is a good strategy in this environment especially because it allows you to build without the wild gyrations. This is what you want to do BEFORE a catalyst causes a major reaction and gets everyone's attention. Once that happens, that is when you should be looking to lock in profits and capitalize on all the traders and investors who don't know any better and react to the hype that follows such moves. Just like in BTC , there are a number of trigger scenarios that can unfold from this point. Do you know which ones? And if a trigger goes off, do you have a plan of action? Are you position trading (building inventory)? Or swing trading? IF a long trigger goes off, I will include that information on the S.C. website only.
Questions and comments welcome (better to PM if you have a pressing question. Since I must focus my attention on S.C.).
LiteCoin is in pain right now (and it is not just because of Bitcoin...): a few hours ago news broke that LitePay has ceased all its activities and the company will be sold.
For those following the Bitcoin pair, here is my LTC / BTC analysis: