This is what I think is coming, we'll see. Any MEANINGFUL amount of time spent below support at .00585 would invalidate this, and it would not be a good sign for the future of Litecoin, but LTC/CNY is still moving along with BTC/CNY-4.18% for the most part, and I believe it will catch up the ground it has lost on bitcoin .
Some people assumed LTC0.26% was dead when ETH came around, but I don't buy it. I believe the ETH bubble has popped, and after everything that has happened with The DAO, it's value relative to bitcoin will slowly deflate over the next 6 months or so, it may have long-term promise, but it has a lot to figure out. The DAO fiasco will likely be seen in hindsight as a MT-15.80% GOX caliber event, which will take time to recover from. Also, bitcoin's value is driven a lot from global economic uncertainty, as it is a scarce, immutable asset, and money, ETH's potential use-cases are totally unrelated to this. Anyway, I don't see why it has any influence on ltc0.26% outside of the fact that they both compete for liquidity.
People like to say Litecoin is a copy and paste of Bitcoin , as if this is an insult. To me it is not, Satoshi contemplated using scrypt for Bitcoin , I believe it was one of his hardest choices. Litecoin is one of two scarce, immutable, secure (high $ amount to 51% attack) blockchains in the world. It has also been a speculative toy for China, the CNY-0.38% market dominates its price, possibly even more so then bitcoin .
The same reasons why bitcoin is valuable for yuan devaluation, could be, to an extent applied to litecoin as well, or at least that narrative can be created. If it were to bubble here it would be the standard not the exception, so I don't see why not to expect it. Just seems like great risk reward at these low levels, but of course never risk more than you can afford to lose, and use appropriate stops.
Some people assumed LTC0.26% was dead when ETH came around, but I don't buy it. I believe the ETH bubble has popped, and after everything that has happened with The DAO, it's value relative to bitcoin will slowly deflate over the next 6 months or so, it may have long-term promise, but it has a lot to figure out. The DAO fiasco will likely be seen in hindsight as a MT-15.80% GOX caliber event, which will take time to recover from. Also, bitcoin's value is driven a lot from global economic uncertainty, as it is a scarce, immutable asset, and money, ETH's potential use-cases are totally unrelated to this. Anyway, I don't see why it has any influence on ltc0.26% outside of the fact that they both compete for liquidity.
People like to say Litecoin is a copy and paste of Bitcoin , as if this is an insult. To me it is not, Satoshi contemplated using scrypt for Bitcoin , I believe it was one of his hardest choices. Litecoin is one of two scarce, immutable, secure (high $ amount to 51% attack) blockchains in the world. It has also been a speculative toy for China, the CNY-0.38% market dominates its price, possibly even more so then bitcoin .
The same reasons why bitcoin is valuable for yuan devaluation, could be, to an extent applied to litecoin as well, or at least that narrative can be created. If it were to bubble here it would be the standard not the exception, so I don't see why not to expect it. Just seems like great risk reward at these low levels, but of course never risk more than you can afford to lose, and use appropriate stops.
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It also would make for a nice double bottom, and ultimately W formation on the 1 month chart:
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forgot to add this, better version of the upside down chart, I had actually used bitfinex data, this is btc-e
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Possible break out coming:
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Two similar falling wedges...just an observation I had:
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