LTC buy the dip if you wanna be rich like Charlie Lee
LTC has had an interesting ride this year. We will begin to dissect it on where it came from, where it is, and where it can go. Litecoin in a big picture tells us a story. As we can see in 2017 we are bouncing up and down at a clear support and resistance line. The top resistance is caused by bag holders from 3 years ago who are break even on their LTC but in great profits on their USD value. The bottom was a prior resistance zone from the past years which is now turning to clear support; a price litecoin just does not want to go under ever again.
Analyzing litecoin for these recent moths shows us it rode on a nice support established early on, tested it twice as it met resistance in the top zone and eventually fell back and turned it into resistance which we must take BTC rally into consideration with this.
On the USD size, LTC has been going strong on a nice trend which is recently here struggling to hold
The market is decently liquid and litecoin has shown us it is a viable option as a transactional currency as well as store of value. Now many of these markets have been inflated on their USD side due to Bitcoin but holding decently low BTC prices; DASH being one of them. We must understand and come down to earth that after such expansive moves, corrections are inevitable. Litecoin however as well as the other top alts pose a direct threat to BTC as they all now have fiat gateways, liquidity and have been on par/if not better stores of value than Bitcoin. What they exceed though is on their scalability and governance. Bitcoin is often compared to the internet however in reality it is "blockchain technology" that is the new internet. Bitcoin is more comparable to Myspace, as it was the first main idea to use blockchain and bring it mainstream however its technology is just inferior and that is being considerably noticed. In the prior years we have had nothing better as well as nothing to compete in terms of liquidity but this is not the case any longer. In my opinion, Litecoin poses a direct threat to btc, even though they claim they try not to be. Considering its market cap and its potential, we could see the 0.5 fib hold on the USD side, especially if BTC price holds here which is likely. If BTC does fall, expect LTC to be a perfect contender to absorb that market cap.
Analyzing litecoin for these recent moths shows us it rode on a nice support established early on, tested it twice as it met resistance in the top zone and eventually fell back and turned it into resistance which we must take BTC rally into consideration with this.
On the USD size, LTC has been going strong on a nice trend which is recently here struggling to hold
The market is decently liquid and litecoin has shown us it is a viable option as a transactional currency as well as store of value. Now many of these markets have been inflated on their USD side due to Bitcoin but holding decently low BTC prices; DASH being one of them. We must understand and come down to earth that after such expansive moves, corrections are inevitable. Litecoin however as well as the other top alts pose a direct threat to BTC as they all now have fiat gateways, liquidity and have been on par/if not better stores of value than Bitcoin. What they exceed though is on their scalability and governance. Bitcoin is often compared to the internet however in reality it is "blockchain technology" that is the new internet. Bitcoin is more comparable to Myspace, as it was the first main idea to use blockchain and bring it mainstream however its technology is just inferior and that is being considerably noticed. In the prior years we have had nothing better as well as nothing to compete in terms of liquidity but this is not the case any longer. In my opinion, Litecoin poses a direct threat to btc, even though they claim they try not to be. Considering its market cap and its potential, we could see the 0.5 fib hold on the USD side, especially if BTC price holds here which is likely. If BTC does fall, expect LTC to be a perfect contender to absorb that market cap.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.