The graph shows the classic economic cycle of a financial instrument. It consists of four parts (expansion - boom - recession - depression)
Silver broke through its strong trend line, as well as the MA 200 crossed this called Death Cross - this means a trend reversal and we are in the Depression zone.
We touched the support line in the $ 13.9-14 zone and didnt break through and go to the resistance line and now we are moving towards the resistance line of the blue triangle and there is also a black resistance line. Most likely we will test it and continue to move down.
@Zenter, LTC was a new ponzi scheme. That ponzi has finished, as Charlie Lee has already cashed out. Please stop parroting his nonsense about metaphorical silver. Thank you.
BradTrimas
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@OBR, Ponzi schemes are centralized, LTC is decentralized. Charlie lee took profit on what he knew was a top.
Creator or not, it was an obvious top. The crypto market has larger manipulation than the Silver market, but not by much. LTC was modeled after Silver, that's the point. LTC has been called dead over 1000x in 10 years, so calling it dead again is nothing new to Crypto enthusiasts. LTC is fast and spendable, Silver is simply a store of value that is being manipulated by paper silver.
OBR
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@BradTrimas, No. Silver is a store of value because it is very useful. See copy pasted wikipedia below.
The major use of silver besides coinage throughout most of history was in the manufacture of jewellery and other general-use items, and this continues to be a major use today. Examples include table silver for cutlery, for which silver is highly suited due to its antibacterial properties. Western concert flutes are usually plated with or made out of sterling silver;[94] in fact, most silverware is only silver-plated rather than made out of pure silver; the silver is normally put in place by electroplating. Silver-plated glass (as opposed to metal) is used for mirrors, vacuum flasks, and Christmas tree decorations.[95]
Because pure silver is very soft, most silver used for these purposes is alloyed with copper, with finenesses of 925/1000, 835/1000, and 800/1000 being common. One drawback is the easy tarnishing of silver in the presence of hydrogen sulfide and its derivatives. Including precious metals such as palladium, platinum, and gold gives resistance to tarnishing but is quite costly; base metals like zinc, cadmium, silicon, and germanium do not totally prevent corrosion and tend to affect the lustre and colour of the alloy. Electrolytically refined pure silver plating is effective at increasing resistance to tarnishing. The usual solutions for restoring the lustre of tarnished silver are dipping baths that reduce the silver sulfide surface to metallic silver, and cleaning off the layer of tarnish with a paste; the latter approach also has the welcome side effect of polishing the silver concurrently.[94] A simple chemical approach to removal of the sulfide tarnish is to bring silver items into contact with aluminium foil whilst immersed in water containing a conducting salt, such as sodium chloride.[citation needed]
Medicine
Main article: Medical uses of silver
In medicine, silver is incorporated into wound dressings and used as an antibiotic coating in medical devices. Wound dressings containing silver sulfadiazine or silver nanomaterials are used to treat external infections. Silver is also used in some medical applications, such as urinary catheters (where tentative evidence indicates it reduces catheter-related urinary tract infections) and in endotracheal breathing tubes (where evidence suggests it reduces ventilator-associated pneumonia).[96][97] The silver ion is bioactive and in sufficient concentration readily kills bacteria in vitro. They interfere with enzymes in the bacteria that transport nutrients, form structures, synthesise cell walls, and bond with the bacteria's genetic material. Microbes cannot develop resistance to silver as they can to antibiotics, and hence silver and silver nanoparticles are used as an antimicrobial in a variety of industrial, healthcare, and domestic application: for example, infusi
LTC was very useful for making a clever man very rich. The end.
BradTrimas
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@OBR, I am very informed as to the uses of Silver and it's intrinsic value. I own Silver, allot of it. I am down QUITE a bit on my PHYSICAL Silver investment. So tell me which is more valuable Silver or the Internet. The Internet first came out and was called a glorified email system. Newsweek said it was the biggest waste of money known to mankind. Yet here we are. I am a programmer, I know the power of Bitcoin's code, and it makes the code that created the Internet look like childs play. It is open source so I can tell if it's fraudulent or not. Can you? You only know what the masses know, and that limits your ability to comment on it. Bitcoin is the most secure and powerful tool known to man today to conduct trustless and permissionless contracts across the world. It banks the unbanked. I can literally store all my income in my brain if I can memorize 12-24 words (seed). There is so much here I could lecture you for hours. I am currently up 4000 percent on Bitcoin after it crashed. I can not say the same for Silver. Don't get me wrong, I am bullish on Silver, but I can't send 20 million dollars of it to my brother in Italy in under an hour for .80 cents permissionless and trustless. Bitcoin and Litecoin's value is it's "USE CASE" scenarios which would take hours to list. Just like the world rejected the internet, they will reject Bitcoin until the strong hand s manipulate its price to blood red levels and buy it all up, only to send it to the moon again. Bitcoin has crashed 90 percent over 5x. Apple took 17 years to regain it's all time high, and everyone ridiculed it. Amazon crashed from 100 dollar to 7 dollars and now it has a trillion dollar valuation. This space is bigger than your meager input, and you NOT being a programmer have not the insight to see how far the actual USE CASE value Crypto has to the world. I know we both feel the same way about fiat if your a true Silver buff. It will be 10 years minimum before I can show you the true power of Crypto. It has to SCALE sure, but it will..just like the internet.
Have you considered the power of Dogecoin? I Can send billions in Doge right into the brain of a man who has memorized his 12 word seed. It's revolutionary! There is so much to dogest, I could lecture you for hours and list the endless use cases, but I'm too busy programming them all! As a fellow programmer, I'm sure you understand.
Evidence of the power of doge:
Holding it's value better than well established litecoin!!! OMG I can't wait to go all in on DOGE when the price is at blood red levels. If you are a true cryptobuff, like me, I'm sure you can't wait to go all in! It's a one-way ticket to intrinsic valuetown!!! (The moon ;))
BradTrimas
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@OBR, Yes. I am well familiar with dogecoin and bitconnect. There are scams out there, many of them. I stand behind Bitcoins code, which is essentially the same as litecoin. There will always be this. Intranet etc... First mover generally prevails especially when it comes to Crypto and the code behind Bitcoin. I prefer Linux, but we have windows...