Litecoin (LTC) vs Bitcoin: Tracking Litecoin's Movement + News

Litecoin (LTC) is the second cryptocurrency to ever be created after Bitcoin, a replica made by the Chinese.

Litecoin is very famous and is available on all major exchanges and accepted by many Bitcoin payment platforms like Coinbase.

At the time of this writing, Litecoin is the #6 biggest Cryptocurrency in the world with 10.7 Billions market capitalization. When trading, Litecoin is very resilient to price swings. I would like to trade this coin for long...

Let's look at some news first, the reason why I am sharing this Litecoin analysis.

News are coming for Litecoin in February, here are some quick details about it:

"Payment platform LitePay is on track for its planned February launch and aims to bridge the gap between Litecoin and fiat currency.

LitePay aims to make it easier:

* For businesses to accept Litecoin as payment
* To settle Litecoin payments directly with banks
* To manage Litecoin finances all in one place through the open source Litepay mobile and desktop wallet

It also plans to create a LitePay card, to let users load dollars into their Litecoin wallet without any fees, and use it at ATMs, merchants and anywhere else VISA cards are accepted."

This can be really good, and hardly can do any harm to Litecoin, so we are going to use this as one of our indicators that Litecoin's price can be going up in the close future.

Now, this is not the type of trade that we normally join. So please be careful with this trade.

First let's look at the daily chart, the basis for our analysis. I will explain this chart as all the lines can make it confusing, so just glance over it for your learning and entertainment: Litecoin

You can find the following features on the chart above:

- The blue sideways channel: This is our primary channel and our main indicator for this trade.
- EMA30 & EMA90: These serve as possible support level markers. Where you see these lines, blue and purple, support can be found there. If broken, then you know that the price can go lower easily.
- Red line: Small descending trend line. Mild resistance, the stronger resistance is the blue horrible line that is the top of the sideways channel.
- Green lines: Ascending trend line. Mild support, these lines represent possible supports and ascending pathways.
- Note: Both the red and green lines can be broken straight and the price continue sideways, but they work as reference for a possible path that the price might follow.
- Vertical purple lines. Expected LitePay momentum build up and when the red and green trendlines meet. These are possible breakout days depending on how the trade develops.

Chart analysis:

- Litecoin is moving sideways. If the resistance lines are broken the price is expected to go up. If the support lines are broken the price is expected to go down.
- The indicators are flat.

When to buy in?

This is a more advanced trade than what we normally do. You have many different options for your buy in. I will tell you what people normally do:

You can wait to see if Litecoin is going to hit the lower end of our channel to buy in. This is a good way to maximize potential profits.
You can wait until Litecoin breaks resistance and breaks the current trend, buy right above the resistance to secure the bull ride and reduce waiting time. You can use a stop-loss in case the price goes back down.
Buy in now within a range with a stop loss. We normally use this third option, we buy and hold. Other people stay on the outside and buy when the action has been confirmed. For this type of set up, I rather buy and hold, just like our long term trades but everybody is free to choose what fits them best.

For now I do not recommend any buy in. I would rather track this coin and see how it develops.

I will open a new trade idea when I recommend this trade.

Thanks for reading.
Namaste.

ความคิดเห็น:

I apologize for saying Litecoin is Chinese, I just thought the guy who made it was Chinese and that's why I wrote it, or maybe it was just me being disrespectful unconsciously... Anyways, I take it back, I am sorry.

We will get over it, do not worry. Litecoin is most likely strong enough to survive this.

Thanks for your comments clarifying.

ความคิดเห็น:

We are still going sideways, I am tracking Litecoin, so far so good. No udpates needed. Just click on "Play" on the main chart and you will see where we stand.

Thanks for your continued support. I am incredibly grateful to you.

Namaste.

ความคิดเห็น:

We are breaking the second green line on my chart, which you will be able to see below, if the day closes below this line, the chances of Litecoin going down and testing a lower support increase a lot.

Here you can see the daily chart:

The levels that can be tested if we breakdown and close below it, will be 0.0148 - 0.0151.

ความคิดเห็น:

I won't be tracking this thread anymore since I am going to be away from my computer for a few days, once I am back, I will open a new Litecoin trade idea. Hopefully, by that time we will have the signals necessary to start a new trade.

Thanks for your support.

Namaste.

ความคิดเห็น:

Litecoin has now broken above our channel, it needs to close the day above it.

I will take a close look and see if I can share something for you guys.

Here is the daily chart:

Thanks for your support.