The lateral channeling is known as the accumulation phase where prices can either skyrocket or dump. When I saw the repeated support and resistance it reminded me how the ETF for BTC was denied and BTC was funneled into ETH as a way for BTC investors to diversify and reduce their risks in BTC. Regrettably, when ETH hit $50 and it went through its accumulation phase, I got bored of it and sold the majority of it. This time I didn't make that mistake and will HODL lol.
The current charts depict huge amounts of the coin being overbought as depicted in the MACD, RSI and STO. This explains the candles dipping below the lower bollies and bouncing off support in the $40 area.
Do I think it'll go up? Yes. Why? Because I think Charlie Lee is a strategist. Even though cryptocurrency needs to be decentralized, sometimes you need a person or entity to lead the way. He activated Segwit successfully. He strategically had LTC placed on the Coinbase platform. On top of that, he created an OS that has 4x the amount of LTC when compared to BTC. And... he left CB to dedicate his time to LTC. BTC has volunteer developers. 84mm LTC is still not enough to support the 7.5b on this earth, but it beats the 21mm OS for BTC. With all the drama and instability going on the BTC community, I believe people are placing money into LTC as a safety net. I guess August 1st will show us what happens next! I'm bull,I see it going to $700 by EOY 2018. That's just based the current valuation of BTC and OS size difference between the two.
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UnknownUnicorn1074048
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Hi there, totally agree although I see the price going much further than $700 by the end of 2018. I think it will reach this target by the end of 2017. I am expecting it to trade above $1,000 in the first quarter of 2018. People fail to recognise that the current breakout this time is different, lots of accumulated pressure around 0.01 BTC, changing environment with the bitcoin protocol upgrade on 1 August and lastly, tons of liquidity which need to find a home in what is an undervalued asset.