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Title: Making a profit with Litecoin in a sideways market? Post by: Lorenzo on April 11, 2015, 04:09:41 AM Would Litecoin be a good candidate for making money in a sideways market? Litecoin's price has been steadily going down for over a year now but if you look at the shorter term charts, it looks relatively stable as it keeps to a narrow range. Would it be possible to make a profit by buying when the price falls underneath this range and selling when the price shoots over? What other sorts of strategies are useful when trading in a sideways market and are there any better examples of coins out there that follow the same trend?
http://s13.postimg.org/pm3rgxzrr/ltc.png EDIT: The range in the above chart is between 0.006 BTC and 0.009 BTC with a highly stable price during February (price stayed between 0.008 BTC to 0.0072 BTC). The x-axis is from January 2015 up to today. EDIT 2: Completely forgot about NuBits and BitUSD. Since these are coins/assets designed to track the value of the US dollar, they should keep to a very small and specific range compared to other cryptos. For example, you could place buy orders when the price falls under $1 and sell when the price falls over $1. Has anyone ever tried the above strategy with these markets? Does it work? And if not, then why not? Depending on how strong the peg holds, could trading fees make it not worthwhile? Title: Re: Making a profit with Litecoin in a sideways market? Post by: kelsey on April 11, 2015, 05:10:33 AM you've been spoilt by cryptomarkets (compared to the stock market) if you think ltc's market for daytrading purposes is sideways ;)
but yeah since the overall crypto markets are on a slide, and almost no liquidity in the other alt coins, i increase my litecoin holdings (i don't profit in fiat), by mainly daytrading relatively minor btc/ltc flunctuations. Title: Re: Making a profit with Litecoin in a sideways market? Post by: tokeweed on April 11, 2015, 05:33:26 AM A sideways market is the hardest way to make money put of.
Title: Re: Making a profit with Litecoin in a sideways market? Post by: The Chainmaker on April 11, 2015, 07:21:36 AM best way to make profit on LTC is to short it.
Title: Re: Making a profit with Litecoin in a sideways market? Post by: Caravel56 on April 12, 2015, 11:25:08 AM best way to make profit on LTC is to short it. how u can possible do a short Title: Re: Making a profit with Litecoin in a sideways market? Post by: MicroGuy on April 12, 2015, 02:00:24 PM I'm not sure that Litecoin is moving sideways? It seems to have been on a slow and relentless decline ever since its creator left for Bitcoin.
Proof of departure #43 - In March 2015, Litecoin creator Charlie Lee in the following video (7:55 mark) places Litecoin in the footnote of his personal "history" and reveals that in 2013 he decided it was time to go "all in" Bitcoin and work full-time for Coinbase. https://www.youtube.com/watch?v=lIgjogLipvk In addition, his boss at Coinbase has made it clear in public tweets that altcoins are a complete distraction and that the company focus must remain on Bitcoin. The only thing surprising to me is how LTC has managed to stay at its current levels. Title: Re: Making a profit with Litecoin in a sideways market? Post by: manfred on April 12, 2015, 02:14:23 PM best way to make profit on LTC is to short it. You must be multibillionaire (strange you still waste you precious short life on this planet in the alt-section of bitcoin)Quote A sideways market is the hardest way to make money put of. If you know what you do this is paradise, lots of liquidy and mostly amateurs to deal with What timeframe a you talking about? Title: Re: Making a profit with Litecoin in a sideways market? Post by: kelsey on April 12, 2015, 02:25:28 PM The only thing surprising to me is how LTC has managed to stay at its current levels. surprises me that you waste so much time thread to thread spreading FUD on litecoin. Title: Re: Making a profit with Litecoin in a sideways market? Post by: e-coinomist on April 12, 2015, 03:17:27 PM Proof of departure #43 - In March 2015, Litecoin creator Charlie Lee in the following video (7:55 mark) places Litecoin in the footnote of his personal "history" and reveals that in 2013 he decided it was time to go "all in" Bitcoin and work full-time for Coinbase. https://www.youtube.com/watch?v=lIgjogLipvk Scrypt mining gear is hitting on eBay. Marvelling if that is still useable for something like, let's say DOGE. As I remember the daily mining output of LTC is smaller then BTC hence one would assume it could keep value better than Bitcoin. Just doesn't. Title: Re: Making a profit with Litecoin in a sideways market? Post by: Nxtblg on April 12, 2015, 07:32:54 PM A sideways market is the hardest way to make money put of. Not if you're a good spread trader. With this strategy, money's made via turning over the same "inventory" of cryptos. Title: Re: Making a profit with Litecoin in a sideways market? Post by: oblox on April 13, 2015, 05:49:23 AM A sideways market is the hardest way to make money put of. Not if you're a good spread trader. With this strategy, money's made via turning over the same "inventory" of cryptos. Perhaps, but trending markets > ranging markets. |
