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Altcoin Watchlist: Litecoin, ($LTC): Moon incoming?

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Bitcoin dominance seems to be breaking down, and as altcoins start looking strong, let's have a brief analysis on Litecoin, the silver of cryptocurrency space, as Bitcoin is to gold.

Almost every crypto enthusiast would have remembered Charlie Lee, the founder of Litecoin, sold all his Litecoin holding, as soon as the cryptocurrency hit an all-time high of $375 on some exchanges, at the peak, and he tweeted the following:


To those that claim that I sold at the ATH, I actually did not. I sold on 3 separate times: 12/8 @ ~$96, 12/11 @ ~$155, and 12/18 @ ~$350. The average price that I got was $205. It's nobody's business at what price I sold my LTC at, but I got tired of all the "sold at ATH" hate. -Charlie Lee, Founder of Litecoin, Jan 17, 2018

Link to the original tweet: https://twitter.com/SatoshiLite/status/953533773588525056?s=20


Now there may be a possibility that he may again tweet that he bought back, who knows... 🀣

Litecoin was created to complement Bitcoin as a payment system as he saw a need for a similar cryptocurrency that’s aimed for everyday ease of use, like Silver is to Gold.


At the time of writing, Litecoin is up by 6.45%, on the LTC/USD pair, and is currently changing hands at $60.6.

There are a few reasons why I am leaning bullish on Litecoin, on long term, and I'll be posting about them below:


Before that, here's the disclaimer, as usual:

I'm not a certified financial advisor, and even though I've been trading for quite a few years, I urge people reading this, and my other posts to #dyor (Do your own research) before taking any decisions! Of course I'm going to help you out if you have some queries/doubts, so feel free to let me know in the comments, or on Twitter :)


Let's first have a look at the long term perspective, with the Risk:Reward (Warning: The below chart is speculative in nature, and may or may not resemble future prices)

Chart: LTC/USD, 1W

Link: https://www.tradingview.com/x/eV6Y4Pk4/

Points to note:

  1. It respected the long term log support, as it bounced from sub $20-ish levels back in March and gained strength from that zone (too bad I didn't buy that time :P)
  2. It is now attempting to break out of a multi year downtrend (And if broken out, it will be huge!!)
  3. Risk:Reward may seem crazy here, but this is for long term believers/HODLers in the project... :)

Let's break down the chart:

Chart: LTC/USD, 1W

Link: https://www.tradingview.com/x/fLDNpaBn/

Points to note:

  1. formed a double bottom during the march crash, just like Bitcoin, and made a strong recovery
  2. Currently testing multi year resistance
  3. Speculation: Can it break out of this multi year resistance? If yes, it will be bullish.

Targets:

Chart: LTC/USD, 1D

Link: https://www.tradingview.com/x/pRnkkeQa/


Points to note:

  1. If it breaks above, we can target $75-ish level as our first target,
  2. We can already see that it broke out of the small secondary sideways channel, and already did a S/R flip, which is bullish in nature.
  3. Second target is also marked on the chart, which may be a bit too early IMO,
  4. Third target will be the ATH, and beyond! :)

Overall Bias: Bullish on breakout!

Want to buy Litecoin?

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Note: I have dropped in my referral link, if you want to support my work, which doesn't come at any additional cost to you. :)

If Btc can break out of the multi year downtrend, can LTC do it? :)

I personally believe it can! Let's go! πŸš€πŸš€


image source: Internet



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Posted Using LeoFinance