BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hello everyone and happy weekend!

DA Bull here giving you an update on one of the best investment coins, LTC. Most of us know Litecoin Foundation has just received an offer for 9.9% ownership of W.E.G. bank in Germany (most don't know the option exists to acquire another 80% for 90% ownership! link here). We can thank Charlie for the foundation having enough $$ to pull off a move like that. In addition to the bank news, Litecoin is constantly making headlines on companies adopting litecoin: Coinbase's shift Visa card, Wirex, TenX , and were just some tidbits over the last month.

Litecoin is a solid add to any portfolio, but acquiring at the lowest price will obviously lead to greater profits. This chart shows the potential drop LTC might have if BTC continues in this direction. The price point shown here is $58. Remember when LTC was $35 and that was big news? Who knew we would be close to 100% retracement from there.

Keep enjoying your weekend!

Comment: On the move

Comment: We hit the $6.8k range, but not as far down as we hoped. A retest of the prior support is around $7250. Price rising to this range would provide a good entry for a short. Stoch RSI has bottomed out, which would indicate some selling exhaustion. We are also noticing Bitfinex has a ton of hidden orders around the $6.9k region. At current price levels be very careful opening up a short. It seems there is some mild liquidation behavior happening during this sideways movement and several of out technical indicators support a mild run up to the blue hashed line seen above - $7250 region.

Many are calling for $7400, but the retracements on this leg are much shallower than previous legs (legs being $11k to $6.5k, then $6.5k to $10k, then $10k to get the idea). Additionally, after we peaked on a leg and started to head down, price tended to test the 200MA after falling below. This would support that $7250 level as well as 200MA is at $7210 right now.
Comment: updated targets. took the previous high and retracement period 9 late 2013 - early 2014) to come up with $37 as the lowest low.

Comment: 3 hours to see if the price call was to the dollar and hour.

Comment: BTC had a little bit of a bullish push that appears to be waning. As we dip below the $6700 mark look for LTC to start picking up speed downwards. This is the type of action that has the potential to get the price range of $37-49 for LTC. There are always some that will try to catch the high selloff wick, if you are one of those folks, set some orders as low as $30. The lower liquidity of the exchange you are on, the greater chances to catch a flash crash low price like that.
Comment: Here are some LTC targets. My eye is on the $47 target.


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