First of all, I'll confess that I bought into the secondary runup at $285. I bought again at $247, and $239, thinking LTC would break out of the triangle formation and start a bullish trend. I was right about the breakouts, but they were nosedives, not moon shots. I learned a valuable lesson through all of this, and I think it's worth sharing.
Looking at the chart, LTC is at a crossroads. If it violates the ascending baseline from the pre-December run, it's going to bomb. Back in November, I thought the rapid growth was premature, and a frenzy. As much as I knew LTC was overbought, I made the fatal mistake of listening to the online prognosticators saying that LTC was going to hit $600 by January 1st, 2018. This went against my gut feeling, and it made no sense. But I was overcome with FOMO ("Fear of Missing Out" for the new people), and I started buying.
Bitcoin Ben was one of the chief prognosticators preaching about $600 Litecoin by the first of the year. He wasn't the only one, though. There were several. After LTC went in the exact opposite direction, Bitcoin Ben blamed Coinbase for not being able to handle the demand for purchasing LTC. I think he is wrong about that as much as he and others were wrong about the $600 prediction.
The Crypto world is harsh, volatile, and completely unpredictable. We've got YouTube soothsayers in the thousands, making predictions about coin prices and ridiculous developments, and you have to take ALL of it with a grain of salt. There ins't a person in the world who can accurately predict the future for the crypto market. There are just too many factors in the formula that makes it a very convoluted study.
Back in November, as soon as LTC surpassed the $90 mark, I decided it was overvalued and I did not buy in. I should have stuck with that notion. That's not to say that LTC could in fact support super high levels in the future. But it is very possible that it's falling back to that point right now, for consolidation.
Something else that needs to be said...
It does not matter how many interstellar deals LTC makes with Amazon, Starbucks, Walmart, Facebook, Costco, McDonald's, KFC, Hardees, Burger King, Sams Club, Menards, Lowes, JC Penney, Sears, K-Mart, Ben Franklin, Plymouth, Barnes & Noble, the Russians, or anyone else. The price can still bomb. We can hype from dawn to dusk, and still lose our butts if we don't use our heads when investing in crypto.
So my advice is, don't invest what you can't live without. You could lose it all. And don't believe the hype. Nobody can predict anything accurately in this sector. And for the love of God above, DON'T BUY INTO A FEEDING FRENZY. It really sucks. The waiting time for a cycle to complete to get your money back can be agonizing... IF it ever runs again. There's always the possibility that a coin can pump-and-dump once, and never come back.
That said, I don't think this is the case with LTC. I am actually pretty excited about all of the possibilities for LTC use coming up in the future. But I think I better focus on what Litecoin was MEANT to be used for: a payment medium, NOT a get-rich-quick scheme.
Now I'll get back to my prayer closet and continue my vigil, and beg our merciful Lord and Savior that the breakout is coming at the end of this triangle ;-)
Looking at the chart, LTC is at a crossroads. If it violates the ascending baseline from the pre-December run, it's going to bomb. Back in November, I thought the rapid growth was premature, and a frenzy. As much as I knew LTC was overbought, I made the fatal mistake of listening to the online prognosticators saying that LTC was going to hit $600 by January 1st, 2018. This went against my gut feeling, and it made no sense. But I was overcome with FOMO ("Fear of Missing Out" for the new people), and I started buying.
Bitcoin Ben was one of the chief prognosticators preaching about $600 Litecoin by the first of the year. He wasn't the only one, though. There were several. After LTC went in the exact opposite direction, Bitcoin Ben blamed Coinbase for not being able to handle the demand for purchasing LTC. I think he is wrong about that as much as he and others were wrong about the $600 prediction.
The Crypto world is harsh, volatile, and completely unpredictable. We've got YouTube soothsayers in the thousands, making predictions about coin prices and ridiculous developments, and you have to take ALL of it with a grain of salt. There ins't a person in the world who can accurately predict the future for the crypto market. There are just too many factors in the formula that makes it a very convoluted study.
Back in November, as soon as LTC surpassed the $90 mark, I decided it was overvalued and I did not buy in. I should have stuck with that notion. That's not to say that LTC could in fact support super high levels in the future. But it is very possible that it's falling back to that point right now, for consolidation.
Something else that needs to be said...
It does not matter how many interstellar deals LTC makes with Amazon, Starbucks, Walmart, Facebook, Costco, McDonald's, KFC, Hardees, Burger King, Sams Club, Menards, Lowes, JC Penney, Sears, K-Mart, Ben Franklin, Plymouth, Barnes & Noble, the Russians, or anyone else. The price can still bomb. We can hype from dawn to dusk, and still lose our butts if we don't use our heads when investing in crypto.
So my advice is, don't invest what you can't live without. You could lose it all. And don't believe the hype. Nobody can predict anything accurately in this sector. And for the love of God above, DON'T BUY INTO A FEEDING FRENZY. It really sucks. The waiting time for a cycle to complete to get your money back can be agonizing... IF it ever runs again. There's always the possibility that a coin can pump-and-dump once, and never come back.
That said, I don't think this is the case with LTC. I am actually pretty excited about all of the possibilities for LTC use coming up in the future. But I think I better focus on what Litecoin was MEANT to be used for: a payment medium, NOT a get-rich-quick scheme.
Now I'll get back to my prayer closet and continue my vigil, and beg our merciful Lord and Savior that the breakout is coming at the end of this triangle ;-)