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Date Posted: 08:48:02 08/16/19 Fri
Author: Philbond007
Subject: Eli & CharleyZ @ LTC(coinbase data)

Folks like Bitcoin Ben & Bix Weir are well meaning, but it's also very clear their advice, from a TRADING point of view, has been short sighted, especially Bix. If you're not trading this space, you're basically wasting your time, & if you like holding, then like CharleyZ said, bitcoin's your best bet. Even holding bitcoin makes little sense, but if you must hold, then hold bitcoin.

Below is a chart of the LTC/BTC ratio using coinbase data, so we can see what's happened in hindsight, & what might happen looking forward. Here's what I see:

* Personally, I sold all my litecoin around the mid $130's, & I did it based on THOSE TWO YELLOWISH TRIANGLES, which typically make that FUGLY bearish setup.

* Personally, I dumped all that litecoin into bitcoin, cause it was clear the ratio favored bitcoin. This wasn't some sophisticated move, but everyone here should know BY now that if I see TWO TRIANGLES that create the type of pattern shown below, I'm OUT.

* Next up is the SUPPORT LINE shown below using 3 arrows that point UP. From there, a parallel channel is created to the HIGH off the 1st arrow, including a mid-channel line.

* Last, a SOLID BLUE downtrend line is shown highlighted by 2 arrows that point down. NOTE! the TWO LINES created by ALL 5 ARROWS appears to show a FALLING WEDGE.

So what's my interpretation you ask?

Keeping it simple, if the ratio hits or violates channel support, which is also wedge support, the LTC price will be in the MID $60's or so. Violations of wedge support isn't unusual, sorta to weed out the weak hands, so the LTC price could drop as low as $60 or so.

Personally, I'm looking for MORE than a wedge breakout, meaning, I wanna see the price BREAKOUT of the wedge & move ABOVE MID-CHANNEL resistance, w/at least a couple closing candles above mid-channel resistance.

Note: the above estimated LTC prices assume the bitcoin price as of THIS POST, which is around $10,175 or so.

Bottom line, if you're gonna hold crypto's, you're better off watching the ratio's & swapping your stash accordingly. Buying & holding LTC is a fool's game, which is pretty much what block heads like Bix lean toward. Even if you currently have NO crypto exposure, just watching that LTC/BTC ratio should provide an OPPORTUNITY for a quick profitable trade, IF, that's IF you're paying attention to the charts.

I'm sure there's plenty of brain-dead DONKEY's out there who still question why folks look at charts. Well, I just explained it above, & I'm not sure how much more I can dumb it down for folks to make a buck off simple TA.



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