CryptoJC

LitePay ceases all activities, how will this affect LiteCoin?

BITFINEX:LTCBTC   Litecoin / Bitcoin
News broke today that the LitePay CEO announced that he ceased all operations and is planning to sell his company. Within hours after the news was released LTCBTC dropped to 0.0179 BTC , coming from 0.0190. Until the disappointing launch of LitePay last month, many investors had high expectations for the payment service for LiteCoin.

This will definitely hurt the LiteCoin trading price, but it is yet to be seen if it is a temporary hick-up for a (few) day(s) or if it will push LTC outside of its trend within the purple channel.

You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.

This is not financial advice and my (non existing) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.

Be extra cautious during these times of Bitcoin volatility , the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.

If you enjoy my analysis make sure to follow me at TradingView and other social media (click that nice little blue bird at my profile page).

An upvote to increase the exposure on my charts is very much appreciated!

Happy Trading! ~ Crypto JC

P.S. maybe you've already seen this chart, I accidentally set that one to "private", so I had to re-publish a public version ;)
Comment: Update 1: Litecoin is seriously hurt and by now the LitePay news pushed it out of the purple channel. Right now it is hugging the channel bottom from below, but thus far failing to re-enter. 1 hour candles close-up snapshot:

Comment: Update 2 (March 28): Channel down break confirmed. The LitePay news really shook things up for LTC. We might see a slight correction soon, or even an attempt to re-enter the purple channel, but all over it looks bearish and a downward continuation is what I expect short term.

Zoomed in chart with updated support and resistance lines to monitor:
Comment: I've posted a new Litecoin chart analysis, check it out:

Litepay = Litemoney

Hahahah
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