LITECOIN BIG PICTURE
Good morning folks!
In the past I have already made a post about Litecoin, but in my opinion it deserves more attention.
Fundamental basics:
Litecoin is an early alternative coin (altcoin) developed by a former Google engineer Charly Lee in 2011. It has been called the silver to Bitcoin’s gold. Litecoin is a fork of BTC. Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects like faster block generation rate and use of Scrypt as a proof of work scheme. Unlike other altcoins, LTC is here to stay and in my opinion also considered a bluechip when it comes to cryptocurrencies.
Technical aspect:
You can see Litecoin on the weekly bar chart from BITSTAMP exchange. I like to keep things simple. This is the reason why I wanna give you a big picture about what's next for this altcoin. I used the fibonacci extension tool to visualize potential targets. On the right side, I tried to go more in detail for you in case of showing you the gain in percentage. Litecoin is currently consolidating in terms of volume, like you can see on the OBV (On balance volume). It is a good volume indicator. I also pinned the basic volume visualization in this chart, shown in candles, marked with the bubble and the arrow. There you can see the biggest volume intake in Litecoins history. High density and a big spike.
Conclusion:
I am highly bullish on Litecoin, because it has not gone parabolic yet and is still trading below it’s all time high. What Bitcoin did, Litecoin will also do. And as you may have recognized, altcoins go even more parabolic, so should LTC. Around $1000 is my conservative target for this old school boy. My range is set from $1000-$5000 (This is not financial advice)
Let me know in the comments below if you have any questions or simply, what you think about LTC!
Have a nice day,
Amo
In the past I have already made a post about Litecoin, but in my opinion it deserves more attention.
Fundamental basics:
Litecoin is an early alternative coin (altcoin) developed by a former Google engineer Charly Lee in 2011. It has been called the silver to Bitcoin’s gold. Litecoin is a fork of BTC. Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects like faster block generation rate and use of Scrypt as a proof of work scheme. Unlike other altcoins, LTC is here to stay and in my opinion also considered a bluechip when it comes to cryptocurrencies.
Technical aspect:
You can see Litecoin on the weekly bar chart from BITSTAMP exchange. I like to keep things simple. This is the reason why I wanna give you a big picture about what's next for this altcoin. I used the fibonacci extension tool to visualize potential targets. On the right side, I tried to go more in detail for you in case of showing you the gain in percentage. Litecoin is currently consolidating in terms of volume, like you can see on the OBV (On balance volume). It is a good volume indicator. I also pinned the basic volume visualization in this chart, shown in candles, marked with the bubble and the arrow. There you can see the biggest volume intake in Litecoins history. High density and a big spike.
Conclusion:
I am highly bullish on Litecoin, because it has not gone parabolic yet and is still trading below it’s all time high. What Bitcoin did, Litecoin will also do. And as you may have recognized, altcoins go even more parabolic, so should LTC. Around $1000 is my conservative target for this old school boy. My range is set from $1000-$5000 (This is not financial advice)
Let me know in the comments below if you have any questions or simply, what you think about LTC!
Have a nice day,
Amo
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