My love and personal plan for LitecoinHey folks, I'm sharing my plan for LTC
First I'll go into why I'm holding for the long term and then I'll
dive into my thoughts of the current markets and my short term set up.
First let me state Litecoin is one of my absolute favorite ALTs.
I've held a position in LTC since the 55$ level. LTC doesn't typically get
the hype/attention (or growth) like BTC or ETH but I believe it still has tremendous potential.
Why? Well gather 'round kids.
It's appealing to the new investor with the all too common "unit bias" issues with BTC.
It has practical uses, speed, support and a generous but limited supply double that of BTC.
While many coins have approached and surpassed their ATH, LTC has not
So new Litecoin investors will be happy to find themselves "in" early.
LTC is 140$ currently and that is still LESS THAN HALF of its ATH from $360 in 2017.
People looking for a little less volatility and a little more sustained growth I think will
find the community and supporters of Litecoin with open arms. And I only hope that LTC
won't come prey to these pump n' dump scams although.. it's a very real probability.
In this case I would stay very vigilant with dynamic stop losses as it goes parabolic.
To be honest If I see an enormous and quick rise in LTC I would likely transfer the position
over to bitcoin as the LTC/BTC market spikes for safe keeping rather than back into USD.
Now will LTC hit $360 this month?!?
Perhaps, but imo it's doubtful. But will it hit it's ATH gradually over this year or the next?!?
Well now we can start taking some small, but meaningful longs as the dips allow.
Slowly, but surely increasing positions and generating money that works for
you rather than explodes and vanishes....
I know DCA isn't the most exciting thing, but it works very well over time.
Now for the short term.
Currently Litecoin is trading at 140$ trying to push out of its weekly channel.
If LTC rejects the 150$ level I expect it to continue to oscillate between the $148-120 parallel channel pictured.
If my time allows I would sell partial positions to try and buy back in at the support. But I do plan on holding 85%
of my coins as day trading these levels could prove profitable however missing the breakout could negate these trades...
The support it holds at the $115-120 area is over a month long and well tested. Dips into these areas push me to
further my long position in small increments. Multiple candles below the $115 mark would to me signify a larger
push down to about a $100 and even less. I do not think this will be the case near or long term however it never
hurts to be prepared. My stop loss hovers near the 100$ mark which would still about double my initial investment.
These are my personal viewpoints and they remain flexible.
I hope you found them just a bit informative.
Cheers & Stay safe friends.
-Bruce
