I'll bet the majority of you who glanced at this chart thought you were looking a current snapshot of this chart... until you noticed the time period. Yes, this is a step back in history for Litecoin. It's not the current chart. That was from September 2017. But it exposes a very important point for all of us who bought into the December2017 run, including myself.
I originally studied LTC in November of 2017, and I was ready to pull the trigger at $72. After LTC bumped up to the next level at $92, I decided I would wait for a correction and take a position. You know what happened next. It surpassed the $100 level, and then it took a moonshot to the ATH above $300. Once it started to correct, I decided to jump in at $285. A descending triangle formed in all its glory, and along with the positive news reports and hype, I decided to buy again when it hit the triangle point of $249. Again, it corrected, forming another beautiful wedge. I took the bait and bit hard again, at $237. Once again, it took the next nosedive and continued solidly into the next descending slide.
Story after story came out after that point, and I continued to adjust my analysis to convince myself that we were closer to the next moonshot. As we all know by now, it stayed within the downward channel. I finally decided that I was wrong, and all of the positive news and developments were having absolutely no effect on the current price. It was heartbreaking for me, and it destroyed my confidence in doing analysis.
I decided that it was time to step away from staying glued to the chart several times a day, and put my attention into holding long-term and replacing my anguish with patience. That's when I decided to look at the big picture, and study the history of the price movement. That's when I discovered the fact that history repeats itself with long term price movements on cryptocurrency. Zooming in to the older areas of the chart, I was shocked to see this. This is the same exact movement that we are witnessing today.
I learned some valuable lessons from looking at this closely, and I think it is very encouraging. For all of us who are holding positions from the rapid rise, this should give us plenty of hope to know that we are retracing the same paths that LTC has taken in the past. Even though I feel as if I have "lost" my hard-earned money and a lot of time over-evaluating the movements, this reassures me that I won't lose anything if I hold on and let this progression complete itself. This is the same pattern that is repeating itself from previous times, and it is driven by human nature. The chart formations that we see develop are all based on the statistics that come as a result of the behavior of the masses.
I think we should all stay encouraged, because time will fix this if we exercise patience. And being impatient is no excuse, because these same cycles used to take upwards of 13 years to complete for regular stock market plays. Be thankful that the cryptocurrency market compresses these cycles into MUCH shorter time periods.
So... instead of beating ourselves up and panicking during this bear trend, the best thing to do is have the courage and patience to step away from this on a daily basis and allow the cycles to complete. The worst thing anyone can do at this point is to sell and take a loss. The current price is irrelevant. The value of your "investment" is protected by your patience, and you can only lose if you sell prematurely.
Hang in there!
I originally studied LTC in November of 2017, and I was ready to pull the trigger at $72. After LTC bumped up to the next level at $92, I decided I would wait for a correction and take a position. You know what happened next. It surpassed the $100 level, and then it took a moonshot to the ATH above $300. Once it started to correct, I decided to jump in at $285. A descending triangle formed in all its glory, and along with the positive news reports and hype, I decided to buy again when it hit the triangle point of $249. Again, it corrected, forming another beautiful wedge. I took the bait and bit hard again, at $237. Once again, it took the next nosedive and continued solidly into the next descending slide.
Story after story came out after that point, and I continued to adjust my analysis to convince myself that we were closer to the next moonshot. As we all know by now, it stayed within the downward channel. I finally decided that I was wrong, and all of the positive news and developments were having absolutely no effect on the current price. It was heartbreaking for me, and it destroyed my confidence in doing analysis.
I decided that it was time to step away from staying glued to the chart several times a day, and put my attention into holding long-term and replacing my anguish with patience. That's when I decided to look at the big picture, and study the history of the price movement. That's when I discovered the fact that history repeats itself with long term price movements on cryptocurrency. Zooming in to the older areas of the chart, I was shocked to see this. This is the same exact movement that we are witnessing today.
I learned some valuable lessons from looking at this closely, and I think it is very encouraging. For all of us who are holding positions from the rapid rise, this should give us plenty of hope to know that we are retracing the same paths that LTC has taken in the past. Even though I feel as if I have "lost" my hard-earned money and a lot of time over-evaluating the movements, this reassures me that I won't lose anything if I hold on and let this progression complete itself. This is the same pattern that is repeating itself from previous times, and it is driven by human nature. The chart formations that we see develop are all based on the statistics that come as a result of the behavior of the masses.
I think we should all stay encouraged, because time will fix this if we exercise patience. And being impatient is no excuse, because these same cycles used to take upwards of 13 years to complete for regular stock market plays. Be thankful that the cryptocurrency market compresses these cycles into MUCH shorter time periods.
So... instead of beating ourselves up and panicking during this bear trend, the best thing to do is have the courage and patience to step away from this on a daily basis and allow the cycles to complete. The worst thing anyone can do at this point is to sell and take a loss. The current price is irrelevant. The value of your "investment" is protected by your patience, and you can only lose if you sell prematurely.
Hang in there!