Weekly chart—rsi coiling up StochRSI ready to go which has been an amazing indicator for ltc/btc weekly chart
To me this looks like a WXY correction for wave 2. The price has respected the .786 fib retracement level of this first bull rally. Another low to .006 or so is still possible but seems unlikely to me. Is this really just a wave 1 and 2? I think so. Wave 2’s usually retrace very deep as the market thinks the previous trend is still in tact and the rally is just a dead cat bounce, which sets things up for the monster Wave 3. Wave 2’s typically retrace around 50-70% of wave 1, so that pretty much fits here.
Fundamentals (most important)
In an earlier chart I forget which one I mentioned that these bitcoin forks could actually be the greatest thing that’s ever happened to litecoin, but that the market would initially interpret this as a bad thing. I mean, on the surface it makes sense, more competition for ltc. But when you think more deeply about it the real picture emerges. These bitcoin forks are a poor mans litecoin by pretty much every metric. Yet the market seems to have the attitude of “we’ll give them an A to start the semester, but its theirs to lose”. They will lose it. Bcash is a joke, why on earth would anyone want to use a coin for payments with wildly fluctuating block times and totally unreliability. Hmm do I want to pay off miners to steal from bitcoin security? Or do I want to use litecoin? I think I’ll use litecoin. Segwit2X is a complete joke as well, if bcash is miner coin, S2X is corporate coin. It’s a glorified paypal designed to remove core developer control from bitcoin and change the way we make changes to bitcoin. The most underrated feature (not bug) of bitcoin is that its digital gold and very hard to change. It will be fun to watch in real time in the coming months as these forkers learn what Charlie Lee realized in 2011: if you are going to fork bitcoin, you make a compliment (not competitor) that does not depend on the need to steal miners from h9oney badger bitcoin in order to succeed.
The future has never been brighter, big things on the horizon. RSK, MAST, Confidential Transactions, THE LIGHTNING NETWORK. Its all coming to bitcoin, I look forward to the mutually beneficial scaling that will occur via bitcoin and litecoin.
Litecoin had a few bad years as newer and flashier alts stole the thunder, those days are over and that equation will soon reverse. All the ICO money, ETH money, scam money, will flow into legitimate coins that have bright future like XMR and LTC. If ETH peaked at 80% of bitcoins market cap, is there any reason ltc or xmr can not get 30-50%? More? Sure they can.
Litecoin is love, litecoin is life, litecoin liberty : ) Litecoin is money. Got lite?
Disclosure: I am not a financial advisor and could be very well be wrong. Do your own research and own your decisions/trades/investments.
Daily chart (Included the possibility of a longer correction WXY but we'll see)