This is why I am long Litecoin:
Technicals - These cryptos are in the same general trend. The market goes up big in a huge lovely pump or a great leg higher. Many of these moves look like elevator rides higher and sometimes may floors from where you get in. I can't tell when this is going to happen and this baby breaks, but i'll hold as long as need be. It is not uncommon for these things to go sideways for a few days or few weeks and in some cases many weeks. Also when litecoin goes off it can really go off so that is another reason why I like it. Now lets look at each time frame below with analysis south of the charts.
Weekly Chart
After the last insane move Litecoin made it has then followed with about a half dozen candles or a little over a month in a correction down to the front weighted 18 average of highs and lows. Now it has started to leave the rising 18avg bands and that is when I want to get long and today was the day I bought a decent amount or a good size bet for me.
We can see that it has been falling to the 18avg of highs which means that there is still reason it could correct a little lower. However I don't mind taking the short-term variances when I really confident this baby is ready to explode higher.
Daily Chart:
Its correcting in the 18avg band on the daily and if you want to be more sure than you want to wait to buy as it is leaving this band. After all if this falls more there is a good chance it won't break the band upside first and will just fall with cheaper buying prices. Again, I don't mind taking short-term price fluctuations because when you are trading sideways you go up and down and therefore just flip-flop in a healthy manner before the event of target with is Holy crap this baby is exploding, thank you :)
It will cost a lot more and well north of the 22 handle if you want to wait for the early signs of the breakout.
Hourly Chart:
Short-term it has done a great job to revert the trend higher. The former resistance level (where it came from) was used as support just recently around the 16 handle. That is a very bullish sign and this thing looks ready to break out or at least it is looking to setup a test of the 18-19 handle previous trading range.
FUNDAMENTALS:
I can only go on two things and the first is that Litecoin being a staple of the cryptos should be very safe because it is part of the crypto market that I am tagging now as very bullish in the near-term. The second is the webbot and I also I will go very briefly over it, it makes me want to play it.
It is stated for great pumps and dumps from the reading of such and that many people will getting big scores from this baby and many will be crying over hefty losses. This market is to move in such a manner not really seen or at least not seen of too much and any kind of huge gains and then falls after is how I think it will go.
I will be selling between the 35 and 50 handles because I think this has sweet potential for some kick ass get me some free bitcoins or sweet gains.
Derek.
