We see a forming since several weeks now. We are right at the tip of the flag which should in case of a breakout trigger huge upward momentum.
A breakout to the downside seems less favorable since we 've been forming higher lows since late december. Any break down would likly create a short lived spike below the recovering quickly with big buy orders.
Projected target upside is 161% fib level with about 600 USD. (almost triple from current)
Position yourself in LTC now, any buy below 300 usd looks like a good deal to me (compare ltc to Etheriums and others and see how undervaleud Litecoin is). I usually make no predictions value wise but LTC should (could) theoretically be worth 1/4th of Bitcoin .
Do the math and see the opportunity :)
Good luck, trade safe.
We had 2 isseus that made Altcoins bleed.
1.: china and Asia FUD news about possible bitcoin ban
2: future contracts ending valid fro one month dec 18/ jan 17) Offcourse bankers sold off these contracts and started short selling bitcoin. Doing that to start the new contracts at a much lower price ensuring big gains.
Now bankers entered the bitcoin market you must be aware of manipulation.
I recommend preparing yourself and NOT panic sell when things turn against you. Panic selling inflicts a gigantic mass hysterical downward spiral if 50 % of the market reacts like that.
So PLAN PLAN PLAN, both entry and exit.
Take care, trade safe