The chart speaks volumes, we might be seeing the start of a strong bull market in LTCUSD. The LTCBTC chart looks similar, with LTC surely outperforming BTC in the near short term, and maybe in the intermediate and long term.
Both instruments operate very predictably using time at mode techniques in the weekly and monthly timeframes, possibly related to the nature of the investors behind the price swings, who seem to operate in said timeframes vs the short term low budget speculator.
I'll update with an ideal long entry, but for now, look to buy a retracement after the monthly close, or take a shot at it now, and market buy with a wide stop, or no stop if you just own the LTC. Downside risk is minimal compared to potential rewards, judging by the period of accumulation that went by, with chinese mining operations and large speculators building positions in the shadows for months.
The uptrend can easily last 5-6 months, and/or reach several multiples of the current price. I think it's worth to look into going long here, specially if also invested in Bitcoin, since this one would serve as diversification in your electronic currency portfolio.
this is very new, i don know what is Litecoin
the major downtrend is still there.
price is working on mid term uptrend towards the major channel top
blackswan
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@jangseohee litecoin is just another cryptocurrency as bitcoin. nothing's changed in fundamentals or demand. this is nothing but a well coordinated insder pump and dump.
IvanLabrie
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It sure is, but we can trade it if we know technical analysis.
Excellent!
We reached the downtrend mode target, you can book partial profits if you went long when I published, or just wait to buy more since it's probably to see a corrective decline next.
IvanLabrie
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Top for now it seems.
IvanLabrie
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That's the stuff!
Hope someone took this long.
IvanLabrie
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Careful now, might be time to book 50-75% of the profits and let it ride risk free.
the major downtrend is still there.
price is working on mid term uptrend towards the major channel top