Start of the Retracement?
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I know we have dropped over $40 from the Year to Date high with LTC however that doesn't mean a retracement to yearly lows either. It could just be a rest place before the next rally. This is doubly so possible because of the August Halving that we are waiting for! So why are we plummeting with all of that building excitement?
My thinking is that if we are going to hit sub 100's and possibly look at 60's or less this is the time it is going to happen. After that the slingshot to $200+ is going to be reminiscent of 2017 ATH FOMO energy! For now though I think we can safely assume that we will be trading within a window of low 90's to $100's possibly $110's before the next leg down. Personally I believe there will be at least one more leg down, and if the past 2 legs were 25% drops, then I would brace yourself for another 25%+ leg down which would take us within spitting distance of $60's.
I am going to continue my day trading strategy and do my best to account for the volatility, the rising FOMO, and excitement while sticking to my TA's and trading patterns. The biggest issue I will be facing is finding that next "peak" position and not trying to chase it. Likewise I am very certain that we will see 80's and 70's by the end July leading into August we should be rapidly rising into ATH or Yearly Highs. So what does this mean? It means HODL since this Bull Run is far from over, or sell in a day or two, or whenever we hit those "High Marks" of $108, $112, $117, and buy the dips. One thing of note, is that the MACD on the 4H chart seems to be a very solid indicator of impending legs down, so I would watch that one for either Crypto Strategy you employ.
As always feel free to comment and share your ideas!
My thinking is that if we are going to hit sub 100's and possibly look at 60's or less this is the time it is going to happen. After that the slingshot to $200+ is going to be reminiscent of 2017 ATH FOMO energy! For now though I think we can safely assume that we will be trading within a window of low 90's to $100's possibly $110's before the next leg down. Personally I believe there will be at least one more leg down, and if the past 2 legs were 25% drops, then I would brace yourself for another 25%+ leg down which would take us within spitting distance of $60's.
I am going to continue my day trading strategy and do my best to account for the volatility, the rising FOMO, and excitement while sticking to my TA's and trading patterns. The biggest issue I will be facing is finding that next "peak" position and not trying to chase it. Likewise I am very certain that we will see 80's and 70's by the end July leading into August we should be rapidly rising into ATH or Yearly Highs. So what does this mean? It means HODL since this Bull Run is far from over, or sell in a day or two, or whenever we hit those "High Marks" of $108, $112, $117, and buy the dips. One thing of note, is that the MACD on the 4H chart seems to be a very solid indicator of impending legs down, so I would watch that one for either Crypto Strategy you employ.
As always feel free to comment and share your ideas!
Nota
I also wanted to point out that the numbers I'm looking at for buy and sells are: $96 or lower, and peaking at $114, $116, or $119. If any of those 4 numbers are close to being reached I will all-in one way or the other. According to the last few major legs up or down, the % drop usually results in a -10% rise. What that means if the leg down is 30% the high point before the next leg down is approximately 20% from the low.In simpler numbers say the last trading price for the High was $100, the leg down from that number to the new bottom is $70, which is 30%, from $70 it is likely to rise 20% which would be $84. Now let's say you sold 10 LTC for $1000 at that $100 mark, bought it all in at the $70 mark, you would have 14.28 LTC, if you sold at $84, then you would have $1,200 which is a net $200 gain! Now if that same 14.28 LTC rose to $100 instead you would have $1,428!
(I hope this explanation is useful to beginners!)
Nota
Well I for one was taken by surprise with the second leg down haha, which means that the "20%" high is going to be from around $91.5 or so, which puts the number at 110ish or higher. OF course if we look at April's patterns and movements we could be stepping all the way down to 70's in the next few days ~2 weeks. As much as I think we are plummeting we are going to hit around $97-101 before any further legs down, one way or the other. The nature of the beast is still a double % rise after a double digit % fall. The question is determining the proper trajectory!How far do you guys think we will go before we hit the low?
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