LTC/USD Looking Positive
For those of you who HODL'ed your Litecoin bags since the ATH in late December, it looks like there's a chance your patience and resilience will pay off. Looking at the 4 hr charts over a 3 month period, you can see we rode down a long and winding road with several large swings along the way. Smart traders who bought during the double dips around 105 made out like bandits...and congrats to you.
Over the past week, an ascending channel was formed and broke out after 3 points of confirmation. The breakout occurred on Valentine's day, and over the past few days it appears a bull flag has formed. Note: There was a fork on Sunday in which Litecoin Cash had promised 10:1 coins for coinholders who were brave enough (or wise enough) to hold coins in a wallet that they can provide private keys in order to claim those "free" coins. After the fork, the LTC price dropped to the 216 level with a quick rise and bounce between 220 and 228. This activity has created a potential bull flag, and early this morning LTC broke out of the flag to 245.
Trade carefully, but if the breakout holds, it looks like the .5 fib from Dec 12th ATH is around 259, and if we're really fortunate...we hope to get to the .382 post ATH fib around 295.
Of interest is the news about Litepay, a merchant processor who has agreed to accept Litecoin as a method of payment for every day purchases. Recently it was disclosed that Litepay will only charge a 1% processing fee for LTC transactions, much less than traditional credit card fees which average around 3%. While the news is "old" in crypto terms, implementation is scheduled to occur in the coming weeks. If merchants, (and especially any large merchant) agrees to begin accepting LTC as a form of payment for retail products/services...we could see some nice action in the Litecoin markets.
Keep in mind, this is crypto...and anything can happen...and it can happen fast. While charts look good, the crypto world is volatile and speculative. Futures markets, exchange scams, FUD, and HODL'ers who want out after the correction could turn this uptrend to a retracement on the drop of a dime.
This idea is only an idea, and it is not intended in any way to be investment advice. Do your own research, and it is considered wise to not invest more than you can afford to lose in the crypto space.
Over the past week, an ascending channel was formed and broke out after 3 points of confirmation. The breakout occurred on Valentine's day, and over the past few days it appears a bull flag has formed. Note: There was a fork on Sunday in which Litecoin Cash had promised 10:1 coins for coinholders who were brave enough (or wise enough) to hold coins in a wallet that they can provide private keys in order to claim those "free" coins. After the fork, the LTC price dropped to the 216 level with a quick rise and bounce between 220 and 228. This activity has created a potential bull flag, and early this morning LTC broke out of the flag to 245.
Trade carefully, but if the breakout holds, it looks like the .5 fib from Dec 12th ATH is around 259, and if we're really fortunate...we hope to get to the .382 post ATH fib around 295.
Of interest is the news about Litepay, a merchant processor who has agreed to accept Litecoin as a method of payment for every day purchases. Recently it was disclosed that Litepay will only charge a 1% processing fee for LTC transactions, much less than traditional credit card fees which average around 3%. While the news is "old" in crypto terms, implementation is scheduled to occur in the coming weeks. If merchants, (and especially any large merchant) agrees to begin accepting LTC as a form of payment for retail products/services...we could see some nice action in the Litecoin markets.
Keep in mind, this is crypto...and anything can happen...and it can happen fast. While charts look good, the crypto world is volatile and speculative. Futures markets, exchange scams, FUD, and HODL'ers who want out after the correction could turn this uptrend to a retracement on the drop of a dime.
This idea is only an idea, and it is not intended in any way to be investment advice. Do your own research, and it is considered wise to not invest more than you can afford to lose in the crypto space.
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