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RE: Litecoin Triangle Pattern Forming - Where Will It Go?
I have stayed away from LTC recently. Once Charlie Lee dumped his stash I lost a lot of faith in the yung Chikun. There are way too many options out there with better utility.
I think litecoins in a bubble fuelled by the day people couldn't withdraw on bitfinex(i think it was) and then they found out that litecoin was working so everybody jumped out the litecoin door for several days pushing its price sky high but it was never true investment growth it was just people running scared trying to get their money out. So it can't be real investment and people are just holding it like sheep going its on a break out we're doing this but in reality its done nothing it was just that only door opening that day.
That seemed to have a lot to do with it.
There were also news/rumors of Litecoin adding smart contracts and even lower fees (more recently) that have probably helped boost the price too though.
I'm somewhat torn on the Charlie Lee situation, some said it was a good thing, others thought it was a sign of impending doom. :-D
I like it a lot for moving funds around, which fits well with @mugsy7's comment. I still hold some too.