yefi
Legendary
*
Offline Offline

Activity: 2086
Merit: 1159



View Profile Personal Message (Offline)

Ignore
July 14, 2015, 02:38:00 AM

The setup didn't pan out as I had hoped but I'm still holding the position. I think LTC will probably follow BTC during the upcoming bull market (as it did in 2013) so it will pay to have strategic positions in each. One should be cautious playing with LTC as it's a smaller market and therefore more volatile and prone to slippage.

The recent rally in BTC is fundamentally different than those that came before it in that it jumped the resistance between $260-80 very decisively and quickly on strong volume, with a large jump in price in a very short time (compare the length of the big 3d green candle to previous ones).

After a long, excruciating trading range where price has held resilience and various informed interests have taken position, this is a huge sign of strength and an indication that the market is ready to move up and begin to correct and recapture some of the lost gains from the year long bear market.

Well, you might still be right about LTC, though I'm on the sidelines there until I can see something I can hook into. Can't really get a feel which way it's going right now.

Regarding BTC, I'm bullish.