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Each day I comb the interwebs for articles on Litecoin. This was a nice find, props to the author.
Rookie mistake folks. I jumped the gun. In fact, if you read my last few posts, you'll observe that I had this suspicion. I was too impulsive with my Litecoin buy and bought all in at $50. I should have exercised sound discipline as all good traders do and simply started my buy in at this price point. If I would have dollar cost averaged in from there to where we went low (as I expected was possible), my average cost would have been somewhere around $43 instead of $50.
Continue on tradingview.comIt 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 s...