The vast majority of litecoin weak hands sold at a loss at some point throughout that epic 2 year downtrend. Any remaining weak hands who were looking to get out on a bounce sold on this last correction. IMO everyone who wanted out is out of this market, plenty of room to rise now, how high who knows, but this chart is just a guess on the next few weeks if we do reverse here and break the $27-$29 range.
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hitting support from the 50 MA on the daily now, and rsi trendline. Expecting a bounce, if not then a test of the low .01's is likely.
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When we learn that no core devs were involved in the agreement tomorrow at consensus, and that it also involves a 2 mb HF baked in (this is the word on the street as of now)...I expect litecoin to rally hard. Unless I am misinformed about the agreement, I feel confident about this. There are many who naively are thinking "segwit is coming to bitcoin tomorrow". They are wrong (again assuming I have the right information). Good luck.
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Looking great.
Inverse H + S forming on ltc/btc
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First off, it appears my last updated was in the comments by accident.
Second, wow that was a nice fall, good trade there if you were paying attention--when we broke that trendline we went all the way from $24.5-->19 or so. I have to think a bounce is coming here, we made all the way back down to the channel on the 1d chart and the 50 MA, and there's still a great hidden bull divergence there. If you take a look at the 4h we also made it all the way back down to the 50 fib which *should be good support. In terms of ltc/btc, we also made it back down to the .618 fib for another retest.
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lol, apparently the price wicked to $15 when i was asleep but now right back where we were before : )
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Bullish Divergence:
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Bullish Divergence:
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Ugh, sorry posted the wrong link twice in a row lmao, mean to post this on ltc/btc 4h...Bullish Divergence:
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Adam and Eve bottom forming?
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blackswan
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You basically laid out exactly my thoughts:
- weak hands sold at a loss at some point throughout that epic 2 year downtrend.
- Any remaining weak hands who were looking to get out on a bounce sold on this last correction.
- plenty of room to rise now.
Also other positive factors i see:
- Hashrate infra is still growing thanks to new vendors that started supplying more efficient gear
- Difficulty is skyrocketing therefore reducing supply further
- Micro payment merchants are taking notice as Bitcoin fees are no longer suitable for micropayments
- Yet still one of the most liquid and widely traded high cap altcoins that survived since its inception and always remains in top 5
I agree, LTC will lead the way. Lots of big development for LTC this year and beyond. LTC will have all the functionality ETH has but with BTC core integrity. Immutability. Something that could be the death nell of ETH and why I think ETC will in the end acquire most if not all the Dapps being built upon ETH... But that's just a hunch... Popcorn anyone? Sorry for going off topic...
So if move completes then $40 by June and after that who knows where.
Dyrk
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Why do you think that SegWit in bitcoin is something bad for litecoin?
Actually, I think opposite. BTC + LN + LTC is a great combo for store of value.
Looking forward for long term rise of Litecoin when BTC will introduce Lighting Network too.
ltc-joe
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@Dyrk, Its a fair point, I think what I really mean is that if btc does not get LN (or at least for the time being) litecoin will be all the more valuable. If they both get it, I still definitely think the future is bright for ltc, but the event of btc getting segwit (and thus LN) would likely be a bearish event for ltc at least in the short term.
- weak hands sold at a loss at some point throughout that epic 2 year downtrend.
- Any remaining weak hands who were looking to get out on a bounce sold on this last correction.
- plenty of room to rise now.
Also other positive factors i see:
- Hashrate infra is still growing thanks to new vendors that started supplying more efficient gear
- Difficulty is skyrocketing therefore reducing supply further
- Micro payment merchants are taking notice as Bitcoin fees are no longer suitable for micropayments
- Yet still one of the most liquid and widely traded high cap altcoins that survived since its inception and always remains in top 5