I think long term LTC will fall back from its current position around 100 and follow the upward trend it's been in. Eventually it will head back up to 100 and break through. This is similar to what ETH was doing for a while. You could short from 100 down to 60 and then open a long position at 60 and wait. It should bounce predictably in the upward channel for day trading, if that's your thing.
@tutanhamon888, These are ideas for how things might go. I can't guarantee exactly where to set buy and sell positions. I'm still new to this myself. Today I was liquidated when NEO went from $36 to $3.7 on Bitfinex in a flash crash and I had a long margin position open on NEO that liquidated my entire account when it went below $19. So I literally lost everything today. I have nothing now. Also my personal fiat bank account account is negative till I get a check tomorrow, so I have nothing there either. You're probably in a better position than I am right now. The good news is I can claim my losses on my taxes and maybe bring down my taxable income.
In the description I said you could short from 100 down to 60. I still think 100 was a good spot to open that short and I still think it's heading down to that area. I have the green line there to show a point of main resistance/support which I think will continue for the next few cycles - it's a spot to watch. I just don't see LTC holding value in the 70's and 80's when it was still settling back at $50 the last cycle and falling back to $60 would be consistent with this upward channel. So this cycle I see it settling around $60, and maybe next time it'll hold value around $70-80. I hope you were able to hodl the trade and make some money. I don't think it's done falling yet, but we'll see. This market is crazy right now and I'm posting these ideas to be a part of the conversation and fill in gaps that other people might have missed.
fles007
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hi! thank you for this explanation. How much do you belive in it? I am holding some LTC it would be great to catch a wave like this. thank you
evnsbn
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@fles007, keep holding it and buy more on the dips! Its just starting.