LTC is definately BUY, TA and FA Harmony.
Updated
Ok, guys, we have been taking a step back to see where it was going. had to close all LTC positions, and waited to see if BTC would finally stabilize at a good support. So far it seems that we have found good support and we have a ranging market. This brings new opportunities for the average trader.
WHY I AM BULLISH ON LTC?? Simple.
FREE MONEY!!!!!
On the 18th there is a hard fork coming where all LTC holders will get LTC Cash. I don't expect LTC Cash to be a massive hit at the beginning, but Charlie's idea of a faster and cheaper network makes a lot of sense, and will actually become a coin for real use. We all know that LTC has enough fame to be a potential contender, so improving the usability of the coin makes it the more attractive.
Let's take the bearish scenario into account, and assume we get a BTC slide all the way down to 6k again, full crash and everybody screaming for help. In that scenario, LTC would certainly suffer and we would see it goe all the way below the 100 dollar level. Same as what we had when we started trading LTC back in Novemeber 2017. But there is a major difference, you would get free LTC Cash.
And this new coin won't appreciate to the BTC Cash levels, but it would certainly appreciate over time. So it is a good mid-term investment. This means that you would have to hold or liquidate your LTC at the crash but keep holding your LTC Cash throughout the storm. And after it passes you will recoup your losses with a profit.
So it is not that bad. is it?
Now the TA.
We are seeing good support hold, and finally have broken the inner Trendline with a retest of the breakout, which is GREAT!!, this means that in all likelihood we are going to the outer trend line and hit the minor D extension at $190. at which point we would retrace back to the upper 100's before making the jump above the $200. Will this happen overnight? NO, we are ranging, and with a lot of uncertainty. We do not have bullish momentum and technically this trade needs a more time to develop. But also we are at a good spot to enter.
I went big and recommend you do too. The downside is still a good scenario!
I will update this trade as it develops.
Cheers.
WHY I AM BULLISH ON LTC?? Simple.
FREE MONEY!!!!!
On the 18th there is a hard fork coming where all LTC holders will get LTC Cash. I don't expect LTC Cash to be a massive hit at the beginning, but Charlie's idea of a faster and cheaper network makes a lot of sense, and will actually become a coin for real use. We all know that LTC has enough fame to be a potential contender, so improving the usability of the coin makes it the more attractive.
Let's take the bearish scenario into account, and assume we get a BTC slide all the way down to 6k again, full crash and everybody screaming for help. In that scenario, LTC would certainly suffer and we would see it goe all the way below the 100 dollar level. Same as what we had when we started trading LTC back in Novemeber 2017. But there is a major difference, you would get free LTC Cash.
And this new coin won't appreciate to the BTC Cash levels, but it would certainly appreciate over time. So it is a good mid-term investment. This means that you would have to hold or liquidate your LTC at the crash but keep holding your LTC Cash throughout the storm. And after it passes you will recoup your losses with a profit.
So it is not that bad. is it?
Now the TA.
We are seeing good support hold, and finally have broken the inner Trendline with a retest of the breakout, which is GREAT!!, this means that in all likelihood we are going to the outer trend line and hit the minor D extension at $190. at which point we would retrace back to the upper 100's before making the jump above the $200. Will this happen overnight? NO, we are ranging, and with a lot of uncertainty. We do not have bullish momentum and technically this trade needs a more time to develop. But also we are at a good spot to enter.
I went big and recommend you do too. The downside is still a good scenario!
I will update this trade as it develops.
Cheers.
Trade active
Note
Alrighty Guys, We had our target Hit at $194, currently at a resistance level. I expect a deep retrace to the .618 of the minor at approx. $170-178m which would also provide the retest of the projected down trendline. So here is the picture.A) If you are a wise trader, you cashed out at close to $200. So just wait for the retrace, with a good candlestick formation and a trendline break to get back in at the .618. If we have the Stoch RSI in the oversold area you have a good 123 to jump in with confidence. and stay until we hit the minor D target at $265.
B) If you are still in HODLING. then take a long nap and wait for the retrace to be over. If you have some spare money, then enter at the same are with the same 123 conditions described above, remember. Candlestick Formation, Clean Trendline Breakout, and RSI in the oversold area.
As always, may the Lord be with all of you and please grow to be a wiser trader.
Cheers.
CS
Trade active
Note
Guys, we are in a channel right now, for those who took Option A) Don't jump in as of yet. We have no clear entry, and way too high in the minor fib to attempt it. Be happy with your profits and wait for a 123 to get back into the action. Plenty of dips to chose from.
B) If you are still in, be patient, some good news is that is Litepay going live soon, and Litecoin Cash that still remains to be seen. If you are opting for LCC (LCC has risen up to $2.40 and you can get 10:1), please move your current LTC to a Hard Wallet and keep your private keys safe until LCC opens up the wallet so you can claim. THERE IS NO RISK in trying this method since the only problem would be for you to discard your current desktop wallet. and create a new one. But free coins are free coins and I have no problem ditching my desktop wallet. All my coins are always safe in a number of Hardwallets and in cold storage. You can always open, or create a new desktop wallet. Like Jaxx, Exodus or similar. Only take out your coins to trade in an exchange and after that go back to cold storage or exchange to FIAT.
For guys in Option B) Keep an eye out for the target at $255-265. I would recommend leaving a limit order there in order to cash out. I am afraid that momentum would not last. So put an alarm or leave a pending order.
That is all, keep the course and as always may the Lord bless you all.
CS
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