CHART ART: LITCOIN SAFE-HAVEN, OR JUST A CRYPTO RISK-ON PLAY?
GOOD AFTERNOON STEEMIT! x2
This is a follow up from last night's crypto CHART ART double shot which you can see below:
CHART ART: STEEM BLOODBATH
What a wordsmith LOL!
Anyway, in the midst of this broader crypto bloodbath, there has been one alt that has held up beauttttifullyyyy! - LITECOIN!
But why?
Well not having a crypto, techie background is a bit of a limitation for me so on my general trading related Steemit travels, I came across this excellent post on Why Litecoin is the only 'Safe Haven' During this Scaling Civil War. This bit stood out to me:
Litecoin on the other hand has already solved the problem that Bitcoin is currently struggling with. Litecoin already has Segwit. Litecoin already has the Lightning network.
Litecoin is pretty much the post Aug 1st Bitcoin Today!
This sums things up pretty well for me, but my question remains: What are the risks of Litecoin being just a crypto 'risk on play' at the moment, and as soon as Bitcoin starts rallying, we see LTC sell off?
If anyone can answer this for me in the comments, that would be great!
LTC/USD
But damn, the charts look good.
Daily trend line support still in tact? CHECK!
Daily horizontal support zone still in tact? CHECK!
Daily:
After that daily support level held, as always we look for short term resistance to turn into support, to give us an opportunity to buy off.
Hourly:
Short term resistance turned support? CHECK!
I love markets :)
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CHART ART: STEEM BLOODBATH
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THREE CENTS?!?! YESSSSSSSSSSSSSSSSSSSSSSSSSSSS!!!!!!!!!
Long LTC!
I can't believe how well the chart has held up in the midst of everything else falling to shit.
Do you have an opinion on whether it's just a 'crypto risk on/off' play that will stay inversed with Bitcoin itself though?
I think LTC will shine fore the rest of the year. Some of it the risk off from BTC but I think people will stick around. I used to hate on LTC but now I have now accumulated quite a bit.
Litecoin has the prettiest chart of all cryptos since the Spring buying spree started.
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Step after step.
Nice article. I fully understand what you're talking about. Investing in the cryptospace might come with a high risk but honestly I don't believe the risk is that high for the people who are daring to HOLD their coins for long. I really advice people to take a look at: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Go to: https://www.coincheckup.com/coins/Litecoin#analysis To watch Litecoin Investment and research analysis.