A solid coin to top up/get involved with if price does come down to 0.0151 BTC – in the knowledge that it may well drop to 0.01400 BTC.
Obviously people disagree where to draw the lines to and from but I’m quite confident with my lines as I’ve been using and learning use of fibs for the last 3 years.
DAILY CHART
Tried to get up to the high but failed
Now heading toward the 50%-61.8%
These Cryptos often (but not always) get to approx. 70% – unlike Forex and Indices which often seem to respect the 61.8% max so I would ordinarily consider entering at 50% with a stop at 65%
With Cryptos it’s not anywhere near as consistent so only considering swings at the moment with the entry at or near to 55%.
If price gets as far as circa 65-68% (as I say, which it often seems to) I would, as appropriate, look to top up but need to get confirmation by looking at the 4 hourly and hourly charts.
4 hourly
If I am interested after looking at the daily I drill down
4 HOURLY
Here LTC becomes more interesting
The entry point is potentially approaching but it needs to break through the 50% mark with at least one strong candle.
I’ve marked my area of potential entry #1 with the greenish line
HOURLY
A nice steady lower low followed by a lower higher has formed. This indicates further downward movement toward my entry point.
The top most buy area (please read as ‘sell’) hit the 61.8 then dropped down to make a lower low – often the low is 50% below the previous low to high.
It is my view that if it wants to continue lower it will reach my second ‘Buy area’ (again please read as ‘sell’) then should make a lower low breaking through the greenish line this time.
The other (common sense) things I consider are the basics (at least) fundamentals. Not my strong point as not that interested so therefore my weakness. The basics appear to be around the characters involved (e.g. Charlie Lee – who left Coinbase for LTC and Bed Davenport – who left Bitco – which offers services to the likes of Kracken). There are also positives around speed and price of transactions along with the testing with ‘Lightning’ – not that clear what it is but many people seems to agree it is a positive for the future of LTC. It appears that there is plenty of work going on behind the scenes to increase the stability and functionality of this coin going forward. Also it has already activated Segwit so leading up to Aug this should do well against BTC.
I could talk about the MIT news that has started appearing but I’ve not heard anything that confirms this 100% and indicates what the real benefits are for the coin.
Some pundits talk about it reaching $75-$100 by November. I would be happy with an investment that achieves less than that when compared with the mainstream (general public) view of 7% being a great return…..
