Litecoin I want to be bullish but....
Litecoin is one of my largest crypto holdings. Obviously I am rooting for it to go higher (along with all crypto for that matter). The chart doesn't look so hot though and has me a little concerned.
Price Action Weak
Looking at the chart you can see after we got that head and shoulders top price has resolved lower even further.
Now it sits around a former support level, but all I see is that clear down trend it had been in since the top of the head and shoulders pattern.
Until that decline is broken it is unreasonable for me to expect higher prices.
The good news is that all it takes is one big body green candle. However, that has been difficult to attain as evidenced by the current stated of today's candle, which has a few more hours until it closes as of the time of this post.
We shall see what happens, but unless we can get a bid on price then LTC could easily see $65.
What is crazy is even a push to $80 would negate alot of this weak price action. Fingers crossed!
Litecoin was my last altcoin hope, in the short term, after dumping my stinky ethereum pile. Had I put that money in bitcoin in the spring, I would have something. But no.....had to "diversify."
Yep, I was good at "diversifying" as well.....ugh.
I have a fair bit of LTC also.
Charlie Lee admitted that he screwed up from a fundamental perspective by focusing upon the marketing instead of development of the platform.
This led to nobody developing on LTC.
In the long term, I hope this changes. He has a couple good ideas with the vault and privacy features.
In the short term, this chart is not very encouraging.
Yeah, gotta have a balance of both. Easier said than done in the end.
At least less supply is being produced due to the halvening so it will not take as much demand as the past to get a bid on it!
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Always looking on the bright side! ;-)
In hindsight once price closed below $110, it was over. Lets see if the $40 - $60 range holds.