You all know that I have been exclusively trading LTC since I started (I have added some diff coins along the way). I made great money the last couple months and seriously contemplated with quitting my job in Real Estate Investment/Development and just trading full time. Unfortunately, i think this bubble will soon burst. 3000-5000% increase with no correction is unrealistic and fundamentally this has to corrected.
With Charlie Lee's recent tweet and the issues of Tether, Bitfinex, Operation Dragon Slayer i can no longer stand idle to everyone investing and potentially losing $$$. bitfinex has rumors it closed down its HK corporate HQ. It has closed its server hosts in EUR and have been sued for unpaid bills . They have flooded the market with Tether with 0 dollars to back up its mission statement to be a 1 USD value match. However, reading the terms of service it clearly states that tether has no obligation to be converted to real fiat and its value is merely arbitrary. Also let's not forget that a lot of banks will not support Bitfinex hence the creation of tether. KEEP in mind how can an exchange allow leverage off of $100 at a 10x multiplier without any collateral? GDAX requires $9M minimum of assets if i want to start margin trading. DUHH got no money...no worries...print more tether :D
Charlie is well respected in the community and genuinely cares about the well-being of crypto and its growth. He is a strong believer of organic growth, that being said, it is not easy for someone of his stature and reputation to place a tweet like that against his own coin. It isn't to drive markets down, but with all the new additions into crypto markets it is a clear warning to new investors and rag to riches babies to be aware of a looming market correction. Any good leader would state the same. It isn't a diss to LTC or is growth or tech, just basic finance and trading fundamentals.
THIS IS GOOD FOR LTC AND CRYPTO AND MUCH NEEDED. AND IF TIMED CORRECTLY WILL MAKE US WAYYYY RICHER
We will still see short-term opportunities to make money, but after looking at GDAX 15 min charts (and i wish i can post screeb shots here) it is scary. You can look at it yourself from 12PM BTC had a bull run...money than flowed into LTC at 2PM and that had a bull run which died at 3PM which started ETH bullrun which now died. I have screenshots sent to my pvt group where you can see a wave effect of money and markets being pumped and sold. This has never been more evident to me of market manipulation and a cash out
I highly advise everyone to be on their toes. I would love to continue to keep trading, but looking at the charts between ATH in September and now. Everything lines up perfectly. I still don't know how to place two charts side by side so please excuse the noobness. See below.
Anyways...it is important to sit cash and wait for the retrace. LTC back down to $70-90 is a huge probabilty considering the parabolic move to $235. Coinbase users and contracts have delayed this correction. There are more opportunities to make more $$$ in this market. You will ask me when is the time frame...honest answer idk. I think we are at 80-85% completion until a major market correction. We see parabolic rise every 3-5 months and our time is almost up. But when we see a massive decline I'll catch it with a big assss catcher's mitt.
If tether and bitfinex blows up or causes a small portion of the crypto world to rupture i think it will be the catalyst needed for a major 70-80% retrace. However, the recovery will be quick IMHO. We have hit mass adoption phase...unless it is bad enough for the mass media to destroy Crypto reputation which will lead to the multiyear bear market Charlie is talking about.
This is merely a PSA to make sure you guys do your due diligence. Last thing I want is more people getting caught in the FOMO and getting stuck at ATH...as it had happened to several people during the last ATH in September.
Here are some links for you to study: https://www.bloomberg.com/amp/news/artic...
I literally stated in bold we are about 80-85% of the way from a correction. However, please check my previous post.
Cheap coins is fun coins :)
Keep an eye out for this. I mentioned tether would have issues and I have already notified my Telegram group in early December that Feb will be a big month for Crypto because of Trump's action to have the US Gov't delve into crypto applications for the government.
I havea couple guys who are in a dark web group that searches for shady dealings. Looks like Tether and Bitfinex is slowly being exposed for any shady movements.