Walk dogs. Open Stash account. Buy cryptos. Profit. Easy, right?
Well, that’s the plan one ambitious 13-year-old kid put in play, according to his dad, blogger and money manager Greg Harmon of Dragonfly Capital.
“He has been entrepreneurial since I can remember, knocking on every neighbor’s door and asking if they need a dog walker,” Harmon explains.
His son saved up and opened his own Stash account, which allows customers to become investors for as little as $5.
His first purchase: Not bitcoin
but No. 2 cryptocurrency Ethereum. Which would have worked out quite nicely, if he timed it right — Ether has exploded for a gain of about 40% from the lows earlier this month.
Now he has a new pick — Litecoin — and is confident he’s got another winner. But don’t just take the kid’s word for it. Harmon says this particular crypto is a good choice, at least from a technical perspective.
Take a look at this chart:
“Like bitcoin, it went through a monster run to the upside late last year. And then it fell back in a channel to a low in February. That retraced the entire December jump,” Harmon wrote. “It bounced in mid February but stalled at a lower high and turned back lower, finding support at the same low.”
Furthering his technical case, he pointed out that Litecoin has been consolidating for a month now before it started to creep higher last week.
“As it consolidated the Bollinger Bands squeezed in and they are now opening as it moves higher,” Harmon said. “The RSI is also pushing up, clearing the mid line as it rises. The MACD is crossed up and rising, about to turn positive. The easiest set up is to the upside for Litecoin right now.”
So far so good. At last check, Litecoin was up almost 9%, boosted by reports that it will be listed on Korbit, one of the oldest Korean crypto exchanges.
Here’s Litecoin CEO Charlie Lee announcing the news:
Tomorrow, @KorbitBTC will launch LTC trading. It’s awesome that one of the oldest Korean exchanges will now support Litecoin. I still remember asking Korbit many years ago. 😀
I have donated 100 LTC for a promotion. See blog post for more details. 🚀https://t.co/f2H4HoJm9p
— Charlie Lee [LTC] (@SatoshiLite) April 17, 2018
Litecoin is the fifth-largest cryptocurrency, with a market capitalization of about $7.8 billion making up about 2.3% of the total cryptocurrency market cap.