LTCUSD (Litecoin) – Week 23 – Bearish pressure

Hello Pal, a Vancouver-based producer of phrasebooks and real-time translations apps, has acquired a startup, bringing it direct exposure to cryptocurrency. Crypto Pal was acquired for the “low” cost of US$3.5 million, according to Hello Pal, including $1.5 million in cash and 1,800,000 common shares, plus warrants. The firm acquired was specialized in mining Litecoin and Dogecoin.

The MimbleWimble protocol for Litecoin is expected to go live before the end of the year. Developers are currently reviewing and auditing the Litecoin MimbleWimble code. To assist in the process, the Litecoin team has asked any interested coders to join the MimbleWimble Telegram group.

Technically, for this pair we see a higher probability for a continuation to the downside rather than a trend reversal. Although an up move to touch the resistance area is not excluded we believe is has a lower probability of happening compared to the down move.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

Comment:

High probability scenario playing out.