welcome guys! it's time for a new update on LTC! Let's see what the situation is like.
A few hours ago it was officially announced by the Litepay staff that the service will be launched tonight at 9:00 pm (PST time), but unfortunately it was also announced that the Litepay credit card service has been postponed and we don't know when it will be activate.
The official motivation given by the company is: "due to recent hostile actions by the issuing card to cryptographic companies."
This declaration has apparently slowed the rise in prices and generated a reduction in trading volumes.
In my opinion, this news, came a few hours before the expected launch has disappointed and frightened many investors who have pulled back for fear of a fall in the price of LTC.
In fact the main function of the service will be regularly released (the details can be found on their site).
Now let's move on to the chart,
In recent days, LTC prices rose gradually from 198$ of 24/02 to 230$ of today, accompanied by above-average trading volumes and a gradual increase in volatility.
Looking at the chart we can see that in the last 5 sessions prices have slightly exceeded the Fib 0.5 retracement line, only to redeem.
This suggests that the Fib 0.5 is working as a resistance, and also seen the decline in volumes, will not be easy to break it, but I am confident that sooner or later it will yield to the advances of the buyers.
Another comforting fact is the MACD, because looking at it we can see that it have cross is signal line, and both cilbed in the upper side.
while I'm writing it seems that, slowly, we are going to test that resistance again, but we need more pressure to break, and go up to 240/250 $, where I think there will be a new resistance to overcome.
For the next few hours the situation is still uncertain, but I am confident that at the launch of Litepay, something positive will happen, otherwise we still have our EM50 that should do a good job as support and under still the EMA200 that coincides, at this time, with the Fib 0.618, that give me enough security.
I do not think that there may be a sudden fall in prices, and if, there will be enough gradually to be able to run for cover and limit losses for those who are currently in long position.
I would like to say that in this analysis I dedicate a lot of space to the Litepay topic, because I am convinced that a good technical analysis must be accompanied by a good analysis of the main events and news, which directly or indirectly, concern the product being analyzed , because the human psychological component weighs heavily on market trends and must always be taken into account. If everyone thinks that something good is going to happen they will make it happen.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: All I wrote about Litepay news are not rumors, but they are news from official and easily verifiable sources.
PPS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
A few hours ago it was officially announced by the Litepay staff that the service will be launched tonight at 9:00 pm (PST time), but unfortunately it was also announced that the Litepay credit card service has been postponed and we don't know when it will be activate.
The official motivation given by the company is: "due to recent hostile actions by the issuing card to cryptographic companies."
This declaration has apparently slowed the rise in prices and generated a reduction in trading volumes.
In my opinion, this news, came a few hours before the expected launch has disappointed and frightened many investors who have pulled back for fear of a fall in the price of LTC.
In fact the main function of the service will be regularly released (the details can be found on their site).
Now let's move on to the chart,
In recent days, LTC prices rose gradually from 198$ of 24/02 to 230$ of today, accompanied by above-average trading volumes and a gradual increase in volatility.
Looking at the chart we can see that in the last 5 sessions prices have slightly exceeded the Fib 0.5 retracement line, only to redeem.
This suggests that the Fib 0.5 is working as a resistance, and also seen the decline in volumes, will not be easy to break it, but I am confident that sooner or later it will yield to the advances of the buyers.
Another comforting fact is the MACD, because looking at it we can see that it have cross is signal line, and both cilbed in the upper side.
while I'm writing it seems that, slowly, we are going to test that resistance again, but we need more pressure to break, and go up to 240/250 $, where I think there will be a new resistance to overcome.
For the next few hours the situation is still uncertain, but I am confident that at the launch of Litepay, something positive will happen, otherwise we still have our EM50 that should do a good job as support and under still the EMA200 that coincides, at this time, with the Fib 0.618, that give me enough security.
I do not think that there may be a sudden fall in prices, and if, there will be enough gradually to be able to run for cover and limit losses for those who are currently in long position.
I would like to say that in this analysis I dedicate a lot of space to the Litepay topic, because I am convinced that a good technical analysis must be accompanied by a good analysis of the main events and news, which directly or indirectly, concern the product being analyzed , because the human psychological component weighs heavily on market trends and must always be taken into account. If everyone thinks that something good is going to happen they will make it happen.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: All I wrote about Litepay news are not rumors, but they are news from official and easily verifiable sources.
PPS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
Over the next few hours it seems that many users interested in the service, have found difficulties in accessing or sign up (I aslo tried to register but i did not succeed ) and this has created much disappointment in users and investors, causing a regression in prices and trading volumes.
At the moment the situation is very uncertain and does not bode well.
In my opinion a fall of prices has not yet happened only thanks to the good results of BTC, which can still be considered the market leader and have a strong influence on all crypto.
To understand what exactly happens with LTC you have to monitor the next few hours and see how the Litepay situation takes place, but for now the wisest move is to consider the trend of LTC closely linked to the BTC, that has knocked in the last hours at the door of the top downtrend channel without even finding an answer. If btc succeeds in breaking we can witness a good recovery of all the others crypto, otherwise those who have long positions, cross their fingers, because they could find themselves in the condition of having to sell or see their stop loss triggered