Sticking my neck out again time.... Not sure how many are reading this so probably not risky - LOL!
Yesterday (https://steemit.com/cryptocurrency/@dabird444/litecoin-where-next-part-2-time-to-breeaatthh-again) I mentioned that, in my view - using largely Fibonacci, that LTC was at a pivotal point if it got back up to BTC 0.0151 area.
You can see that on todays 60 minute chart it is there again:
It looks like it may now want to go above and through the 61.8 level - accurate point today being more like 0.0159 now. 0.0151 was the area I identified in part 1 of this series 48 hours ago.
You'll notice how the fibs are working with the price action. If I were day/short time trading I would have bought and looking to take some profits at this point in case it reverses.
I'm into a longer term hold and see a further correction could be due. If the worst is over it may bounce from here - that WOULD be nice. That said, I think a further correction is still due.
There has, IMHO, been a lot of trading due to fear of missing out fuelled by the irrational interest of the press. The good news brings people in and if the news goes the other way it will take even more people out of crypto and the price will correct again further down as per the last 2 weeks of people taking profit and panic selling...
Still too early to say if we'll go down, sideways for a while or continue a rise. I don't think the rise up will be anywhere near as frenetic as it has been of late and may go sideways until say September 2017....
I'm not chasing any trades for a while as I would rather wait to see if the price can get above 0.0160 again else wait for my order to be taken at 0.01381. You can see my thinking and the graphs leading my decision making for this level here:
The full explanation for my views is in yesterdays post is here: https://steemit.com/cryptocurrency/@dabird444/litecoin-where-next-fibonacci-analysis
Good luck everyone. REMEMBER:
Don't make any hasty trades.
Better to wait for a bit of a recovery then buy a 50% dip than jump in too early.
There's always another trade.
Think it through and PLEASE don't chase those trades!!!
Any and all feedback much appreciated as I'm new to STEEM - in fact I'm using it as I own some STEEM and thought - let's give it a try and see if I can be of any support to us early bird crypto adopters.
PS The usual caveat - I'm not a financial advisor. I'm a teacher/education consultant. These are just my views. If I got it right every time I'd be writing this article on a beach not sitting in my study in North Wales..... Hope this has been at least a little interesting if not helpful. Take care.