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RE: Litecoin Rises after Second Retest of $34 Breakout Level
@syncubate, thanks for the post! What is considered breaking the 50 resistance level? Is it relatively low volume levels slowing moving into upper 51's/52's?
No problem! To be honest it's tough to say because the market doesn't work in terms of black and white. Trading is more about mastering the shades of grey that markets work in. This is often said about stocks but it is no different with #cryptocurrency too.
I would contend that a close above $50 on the daily time frame would be a pivotal signal that demand for #litecoin may propel it into a blue sky breakout. This means that it is in uncharted territory. This is essentially what happened with #ethereum when it broke above the $20s for the first time ever earlier this year. I'm not saying that litecoin will fly into the hundreds in a similar manner, as no one truly knows, but it's worth keeping on your radar.
In the end, it's all about what your risk tolerance and time horizon is. The #crypto market is highly speculative but if you're willing to take some risk and are in no rush or need to reclaim your principal, then see what works best for you. Hope that helps!
Hey, I really appreciate your detailed response! I have been long on LTC for a while -- was just looking for your insight. Insight received! Best of luck on Steem!