LTCCNY Halving reversal

OKCOIN:LTCCNY   Litecoin / Chinese Yuan
1956 0
After 18 months of downtrend, LTC seems to have found a potential adam and eve bottom, after a sharp vertical move upwards. This may have been caused partially by bitfinex withdrawals being down for bitcoin when their hotwallet was hacked last week, but after consolidating near the highs, this leg is teasing that it can go much further.

The idea of this trade is to open leveraged longs when $2 (or roughly 12 yuan) breaks and ride the bull wave to at least $4. Alternatively, a lower risk unleveraged entry may be possible at around 10.5 yuan/$1.75 at the bottom of the consolidation range; this may find support as daily RSI dips back under 70 and sentiment becomes more bullish as it is perceived to be not as overpriced.

This rise may be caused by others seeing technical confirmation to finally re-enter, a correlation with BTC , or speculators getting in in hopes of an uptrend when the halving decreases inflation . It is also possible that, if BTC breaks down or has further disputes over technicals such as block size, LTC will attract some investors as it is the second most established blockchain. And finally, fontas is back, so who knows - an established coin with a relatively low market cap and a fundamental hype may be his recipe for success.

This chart would use btc-e, but it is not available in full on TradingView.
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