Litecoin is the closest candidate for Blockstream Liquid Network
Aktualisiert
On the 10 October, Blockstream has announced that the “Liquid Network” is now live. Blockstream’s first Liquid network is the bitcoin side-chain with almost 23 members. Those members are top rated exchanges, which are capable of undergoing multiple BTC transaction as an extremely high speed. Currently there are only 23 members; however more are expected to be added to the network.
The Blockstream’s CSO recently said that the next closest candidate for the Liquid Network is Litecoin. Therefore,, considering the saying “buy the rumors, sell the news”, Litecoin could be starting to head north, which actually might be a strong short term rally.
Currently, LTC/BTC is trading at the 327.2% Fibonacci support level, which has been rejected twice. Today price yet again hitting the support level, and so far it is being rejected. If daily and/or 4h closing price will remain above the recent low at btc 0.008116, the Litecon trade reversal might begin. The confirmation of that could be the break above the downtrend trendline and the moving average, along with the RSI breaking the downtrend trendline.
Then, price is expected to grow towards btc 0.01, that is 78.6% Fibonacci retracement level and a key psychological round number. But prior to this, the 0.0085-0.0088 area must be watched for breakout, while the next resistance is at 0.0095.
While the rumors are positive for the price of Litecoin, that fact is that the short term trend is down. If the current support is broken, price should drop more, hitting one of the next Fibonacci support levels. First is btc 0.0077, second is 0.0073.
Overall, the buying opportunity is extremely attractive at this price, with a very high risk/reward ration. But on the other hand it is a risky decision, and perhaps waiting for stronger confirmation of a trend reversal is the way to go.
Support:
1. 0.008150
2. 0.007720
3. 0.007300
Resistance:
1. 0.008575
2. 0.008800
3. 0.009550
4. 0.010000
The Blockstream’s CSO recently said that the next closest candidate for the Liquid Network is Litecoin. Therefore,, considering the saying “buy the rumors, sell the news”, Litecoin could be starting to head north, which actually might be a strong short term rally.
Currently, LTC/BTC is trading at the 327.2% Fibonacci support level, which has been rejected twice. Today price yet again hitting the support level, and so far it is being rejected. If daily and/or 4h closing price will remain above the recent low at btc 0.008116, the Litecon trade reversal might begin. The confirmation of that could be the break above the downtrend trendline and the moving average, along with the RSI breaking the downtrend trendline.
Then, price is expected to grow towards btc 0.01, that is 78.6% Fibonacci retracement level and a key psychological round number. But prior to this, the 0.0085-0.0088 area must be watched for breakout, while the next resistance is at 0.0095.
While the rumors are positive for the price of Litecoin, that fact is that the short term trend is down. If the current support is broken, price should drop more, hitting one of the next Fibonacci support levels. First is btc 0.0077, second is 0.0073.
Overall, the buying opportunity is extremely attractive at this price, with a very high risk/reward ration. But on the other hand it is a risky decision, and perhaps waiting for stronger confirmation of a trend reversal is the way to go.
Support:
1. 0.008150
2. 0.007720
3. 0.007300
Resistance:
1. 0.008575
2. 0.008800
3. 0.009550
4. 0.010000
Anmerkung
Watch for the daily closing price, below or above the supportAnmerkung
Daily close above the support!Anmerkung
Litecoin is about to break the downtrend trendlineTrade geschlossen: Ziel wurde erreicht
Anmerkung
Anmerkung
Trade geschlossen: Ziel wurde erreicht
Haftungsausschluss
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