Today as we saw a lot of the cryptocoins make a correction, Litecoin proved to remain bullish. Heres why, take a look below at this chart and I'll explain in more detail.
Given Todays Sell Off aka Profit Taking, Litecoin held strong, It formed 2 Higher Lows, which over my 10 years experience trading options in the stock market is a "BULLISH SIGNAL".
As you can see, I was fortunate to have bought Litecoin when it was 11-14 dollars, as Ive accumulated numerous times, to sell it at its high of $36-38 dollars.
Litecoin is volatile, when I saw the first "Major Sell Off from the High", I bought the panic for a swing trade and closed at a profit, and re-entered at $30.00.
Today, we saw another major sell off in Bitcoin and all other alternative cryptocurrencies. Earlier Today I was waiting to see if Litecoin would sell off to retest the low at $21.00 earlier today, but it did not, it held strong and snapped back to the $30 dollar level, showing some real solid strength.
I think this is a strong indication that Litecoin is looking to retest the previous high of $38.00 and if It breaks past that price level, you can see some new highs to come. Keeps this coin on your radar and evaluate your risk/reward on this trade idea.
I wrote a post yesterday for a fundamental analysis as to why I like Litecoin in comparison to the rest of the market. Check it out and give it a "Like" if you found it insightful.
Im not a Litecoin Enthusiast, Im looking at this trade from a value perspective, as I seem to believe it has more room to grow in comparison to the rest of the crypto-markets.
Also some supporting news to support further Litecoin price increases:
- Bitstamp to add Litecoin to their platform in June, which should bring in more buying volume.
- Fidelity adding Litecoin, Ethereum, and Bitcoin to their webplatform.
- Litecoin Dev Team is looking to add the Lightning Network and Privacy features sometime this year.
Disclaimer:
This is not financial advice. This is purely my analysis and opinion. Please do your own due diligence before making an investment or risking your own capital.
Cheers,
MobileCeo
IMO, Litecoin is one of the most undervalued coins at the moment. Once lightning network kicks in, people will start to see the benefit. Bitcoin is stalling out with increasing volume, which will drive businesses to litecoin. Once they see it doesn't suffer from the same shortcomings, they will be here to stay. Buy now while you can!
IMO? I missing out? I've heard of FOMO (fear of missing out)
I agree with your points. Thank you for your comment.
I think its a correction happening.upto 40% ether back to 100 to 125
Bitcoin 1500 or lower litecoin 15 to 20 .....
i would still bet on ether..Its fueled by developer demand and ico rather than investment
Oh by no means am I a Litecoin Enthusiast. My heart will always lie with Ethereum. As I believe it has switch from a crypto asset to a Crypto Commodity.
From your other analysis post this market has an extraordinary potential to remain in the top crypto markets.
Thanks for sharing your trading experience.
Interesting blog. I was about to post a similair thread. I do believe most coins are currently overrated. But the future lies in blockchain. Personally I always use: https://www.coincheckup.com This site is really helpful in my coin research. I don't know any other sites with so much indepth analysis. See: https://www.coincheckup.com/coins/Litecoin#analysis To check Litecoin Detailed report.