LTC/BTC Breakout Looks Good
As you can see in the chart above, the LTC breakout looks solid in terms of price action against BTC.
The uptrend had been becoming clear for a while, then we finally saw the breakout in BTC/USD which helped to provide further clarity (I am using EMAs on to see it, but it isn’t the only way).
We saw this sort of thing occur already with TRX and XRP. You got sideways, then a bit of a reversal followed by what one might call “sick gains.”
Just goes to show that while you have some wiggle room with cryptos, the best time to buy can in theory pass you up quick.
We don’t know if we have seen the bottom for XRP, LTC, TRX, or whatever, but we do know that there was a heck of an opportunity there.
If you passed these up because you were listening to bears and traders, and now you regret not being long in these coins, it maybe be time to rethink long term strategies.
ETH and BTC are two of the most important coins in the market, and neither has had a clear breakout yet.
In words, you haven’t missed the boat, but you can get a sense from LTC, TRX, and XRP what early warning signs look like and what waiting on the sidelines for clarity looks like (hint: buying into strength and certainty can mean buying rather high compared to the recent bottom).
One day in the future (hopefully not a future too far away) we should see ETH and BTC form a pattern that looks like that LTC/BTC pattern. We will be 100% up from the previous lows, and we will have people waiting on the sidelines having to make a choice. Are you prepared for this? Do you have a strategy that will have you in the position you want to be regardless of what happens? If not, you still have time to think and refine.
NOTE: LTC/BTC had a nice breakout, but LTC/USD, BTC/USD, and ETH/USD still have a ways to go. Further, the reality is, while XRP/BTC broke out, XRP/USD has been more moving sideways than up. When we look at the total market cap and all charts together, we can see we are still clearly in a bear market. That means we can still go lower… and that means you still have ample time to refine your strategy. The key takeaway here is LTC/BTC (like TRX/BTC and XRP/BTC) is giving us an early sign of what the eventual turnaround should and hopefully will look like.
"LTC/BTC Breakout Looks Good" contains information about the following Cryptocurrencies: