Each day I comb the interwebs for articles on Litecoin. This was a nice find, props to the author.
It doesn't feel good to admit your error. But I want to post this so that I am not the only one who learns from it. Maybe I can save others from the same mistake.
Since I am a swing trader (as I mentioned previously), sometimes holding positions for months on end, I don't think I will lose money. I DO THINK we will still hit our $60-75 price target sometime withing the next (2) two months. However, I will be missing that extra $7 per LTC for not being more patient.
Let's take a look back and evaluate my mistake a little further.
Where I went wrong:
My biggest mistake was to allow an underlying assumption regarding Litecoin taint my bias. I had said that Bitcoin will fall before Aug. 1st but because coin purest would be looking for alternatives, I had thought that Litecoin would hold the $46 support as Bitcoiners would now move their money into Litecoin. While some of this did happen, it was not to the extent I had expected. Litecoin did not hold it's $46 support.
Where I was right:
I had said that if we fall further the bottom of the Bollinger Band and 50 MA would help give us a lift. It did.
What I've learned:
How much this whole crypto market still follows and is heavily, heavily influenced by the price action of our leader, Bitcoin .
Where we go from here:
I do believe Litecoin has neared it's bottom at $34.78. You can see from my green channel that there is still more room down in the short term (next 4 days), however, I don't think well get there.
GOOD NEWS: We are still in the green channel, which means the bulls are still in control of Litecoin, unlike with Bitcoin .
Happy trading friends.