In this chart I examine the price action in both BTC and LTC, in the weekly timeframe, since the crypto world bottomed in 2015. It is remarkably interesting how during all this time, LTC seemed to be in hibernation, frequently underperforming BTC, in both rallies and corrections, making the LTCBTC ratio decrease spectacularly ever since. That is, until the scaling debate started in the BTC camp, and Charlie Lee and his team were smart enough to incorporate the Segwit upgrade that the Core BTC developer team had been working on, and looking to implement, before they got to reach concensus and do it. This changed the action drastically, and not only LTC but also ETH and other coins have been increasing their activity, and value over time.
The situation makes it so that LTC can act as a testbed for new BTC upgrades, and also, due to its network size, and market capitalization, remain a relevant player in this space. My asessment is that we should construct a portfolio of cryptocurrencies, if we want to make a very attractive profit this year, I have been trading these coins actively all year, but I think we now have a new opportunity, specially if BTC does form a correction in the short term. Keep an eye out for a buy opportunity in both BTC and LTC. Japan's acceptance of cryptocurrencies can start a significant revolution in this space and I think this variable is not yet priced in accordingly. I don't think the ETF can be approved by the SEC, in the case of BTC, or at least not yet, but if it were to happen it would ignite a furious rally in all these currencies I favor.
Good luck,
Ivan Labrie.
Disclaimer: I hold no BTC or LTC currently, and hold positions in ETH, XRP, ZEC, PPY and DASH. I reccomend to hold coins in a secure hardware wallet device, like the Trezor, or others.
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Long term uptrend target and view:
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(Another thing, you can see how objective I am with my analysis...I am not really a fan of ASIC mining, but this doesn't cloud my vision in regards to what the market is saying to me.)
Glad to see you come around on LTC, things have changed tremendously over the past 6 months. Bright future ahead. Personally I am short term bearish:
But I do think it will ultimately break ATH's in LTC/USD and likely LTC/BTC as well. LTC with LN (especially if btc does not get LN any time soon) is a very valuable coin, IMO LN is the most exciting technology in crypto. Litecoin may in fact turn out to be the "payments" network for crypto as initially envisioned. We have also learned that litecoin can succesfully be a test bed for bitcoin with all new tech more generally, so where as people used to criticize it as a "copy and paste" ...that is now it's biggest strength. Down the line we will see similar events like segwit, with Confidential Transactions and other tech, I'm excited. Anyway, great charts as always, thanks, keep up the good work.
IvanLabrie
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@btc_joe, thanks, and yes, despite my concerns investing in it is probably a great risk reward trade once the technicals and sentiment align. We would be far better off with a correction which is what I see happening now.
I didn't see any value in it before and although I missed the initial run I can still join the trend considering the target I get from it at over $220.
Cheers!
blackswan
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@IvanLabrie, good to have you onboard! i'm sure your clients appreciate that you started your analysis on it...
IvanLabrie
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@blackswan, I was waiting for a buy opportunity after seeing fundamentals pan out. Before it was a bit sketchier.
I like your analysis..Great work man. I appreciate the fact you provide us with details and your thinking process behind.
IvanLabrie
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@CharlyBravo, thanks a lot. I try to understand whatever market I'm trading, it is a bit more work than blindly following technicals but it gives me a better edge in my experience. It also helps me commit to holding trades for as long as required, which can be hard at times!
Good luck!
blackswan
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Ivan, i still love this chart of yours... you practically nailed it... admit it did you use time machine? lol
noted the chart is dated 29 Jun 2015
Noobincrypt
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nice blend of fundamentals and technical analysis, the more i see your work, the more i like it. thx Ivan
But I do think it will ultimately break ATH's in LTC/USD and likely LTC/BTC as well. LTC with LN (especially if btc does not get LN any time soon) is a very valuable coin, IMO LN is the most exciting technology in crypto. Litecoin may in fact turn out to be the "payments" network for crypto as initially envisioned. We have also learned that litecoin can succesfully be a test bed for bitcoin with all new tech more generally, so where as people used to criticize it as a "copy and paste" ...that is now it's biggest strength. Down the line we will see similar events like segwit, with Confidential Transactions and other tech, I'm excited. Anyway, great charts as always, thanks, keep up the good work.