Crypto Analysis Report 1-20-19...Litecoin Is At A Critical Level
Charlie Lee aka Satoshi Lite and the creator of Litecoin sold his stake in Litecoin in 2017 due to a conflict of interests. But was it a conflict of interests or did he see what many didn’t see. Charlie did say that he had lived through the DotCom bubble and that Bitcoin’s dramatic rise looked similar due to all the hype.
2018 was a terrible year for Litecoin, but what coin didn’t have a terrible year. Litecoin once traded north of $300, but fell during the bear market. I honest didn’t see Litecoin returning to sub $30, but that’s what happen.
Nevertheless, Litecoin is at a critical level. I’m a supply and demand trader, but would be foolish to ignore support and resistance line. Although I trade supply and demand zone, price loves to leave and return to major support and resistance lines.
The level to pay close attention to on Litecoin is the $30 level. Not only is this a psychological round number, but price is attracted to this level going back all the way to May 2017.
So if price breaks below $30, the pivot low at $22 must hold. If price breaks above $30, the next test will be the daily supply at $44.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Painful memories of what was a great investment! I may be biased but it has been the one crypto I actually like to use to transact. Quick and cheap is easier for adoption than others out there. It will always follow bitcoin though!
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Yes, it's the known coin for cheap transaction, but how closely does it correlate to bitcoin. I believe the supply ration is 4:1 ltc to btc...so shouldn't that mean ltc should be trading closer to $1000. What am I missing?
Thanks Rolland, quality TA. Sold all my LTC a few months ago as the fundamentals no longer support it as a longterm investment. The lightning network basically closes the book on LTC.
Thanks @gordonbuckley. I personally think LTC is a commodity, with more competition, but they have a great leader / visionary in Lee.
Nice share of information about ltc.
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thanks @myquotes