This is a follow up to a chart I posted yesterday here:
I wanted to prepare a chart to illustrate the current predicament Litecoin & to a greater extent, the entire altcoin market now finds itself in. This time I wanted to focus in much greater detail what possible scenarios might play out.
Litecoin is fast approaching a historic 'Moment of Truth'. Right now, LTC is either the most undervalued coin on the crypto market. Or what the Bitcoin purist have been saying about Litecoin & the entire altcoin market, was right all along.
You will notice on both the fiat & ratio chart Litecoin has now almost run out of bear territory. It will either break support, or the bulls will chase it onto higher ground.
Breaking the ratio support line at this point in time in the current market cycle is nothing new, and it may even be argued that it's historically overdue. But to do so at this moment would also result in a break of support in Litecoin's fiat value! This has only ever happened once, since Litecoin's inception, for but a brief moment during a flash crash way back on the 25th October 2012. This time though the bears have worked Litecoin's fiat value down into this predicament (or opportunity).
With all the FUD out of China at the moment & Litecoin's explosive reputation in upside volatility I wouldn't be surprised whichever way this plays out. The only thing that would surprise me is if LTC's value hits those support lines & doesn't do something explosive upside or down.
I wanted to prepare a chart to illustrate the current predicament Litecoin & to a greater extent, the entire altcoin market now finds itself in. This time I wanted to focus in much greater detail what possible scenarios might play out.
Litecoin is fast approaching a historic 'Moment of Truth'. Right now, LTC is either the most undervalued coin on the crypto market. Or what the Bitcoin purist have been saying about Litecoin & the entire altcoin market, was right all along.
You will notice on both the fiat & ratio chart Litecoin has now almost run out of bear territory. It will either break support, or the bulls will chase it onto higher ground.
Breaking the ratio support line at this point in time in the current market cycle is nothing new, and it may even be argued that it's historically overdue. But to do so at this moment would also result in a break of support in Litecoin's fiat value! This has only ever happened once, since Litecoin's inception, for but a brief moment during a flash crash way back on the 25th October 2012. This time though the bears have worked Litecoin's fiat value down into this predicament (or opportunity).
With all the FUD out of China at the moment & Litecoin's explosive reputation in upside volatility I wouldn't be surprised whichever way this plays out. The only thing that would surprise me is if LTC's value hits those support lines & doesn't do something explosive upside or down.