Litecoin and most of the big cryptos continue to struggle. At this time of writing/recording, Litecoin is down 10% for Fridays trading session. Here is the daily chart:
Comment: We formed a rather hopeful candlestick for thursday, but that did not last long, we have already taken out yesterdays lows. Now, where is the next support area you might wonder? Well, we are actually at one right now, that is around 275 so we will see if that will hold. If not, we might fall down to 225 where we have the bollinger band median.
Now, lets end with a look at the 4 hour chart:
Comment: Here we can see that we are trading within a specific trading channel and we must break this downward trend in order to go higher again. Look out for a 4 hour close above the higher descending trendline.
But if you believe in Litecoin for the long term, this could be a great time to accumulate some more Litecoin for a better price.
Happy investing!
OMG (not omisego) all my wonderful Litecoins are crashing in value! What do I do. I am losing money just sitting here. :-p
But, its not like the coins were going anywhere anyway. They were sitting there waiting for the next leg up.
Thank you for the investment charts. It helps to have another set of eyes, and especially the explanations of what you see.
Well I just heard a rumour about Litecoin teaming up with Facebook so if that is true, Litecoin will skyrocket. Here is Bix Weirs video about it:
Bix's theory connects a lot of known dots, and gives a much better (then that tweet) of why Litecoin leader sold all of his coins.
I do not like to buy on stories... but, if it is true, just the publicity will spike Litecoin prices.
I much rather the price went up because more and more people were using it.
But, if stocks and tulips are any indicator, they sell on emotion, far more than data.
Looks like their is support at $285 for LTC and resistance at $325, so you could look to make money right now by buying and selling between these two bands.
yeah, could be an idea if you margin trade
Just watching LTC....its getting massacred haha, after breaking 285 things are looking pretty read on GDAX at least. I guess it only holds true until it doesn't.
Things are turning red for ETH, BTC, and LTC though and the top 15 coins are all red except for Ripple.
Time to let the market settle and then buy back in when its leveled out a bit!
I couldn't agree more with you here!
Check out my Litecoin technical analysis blog for the hourly level that held. You have to be buying these sorts of dips!
Absolutely, I checked out your post, nice pin to pin action there on the hourly!
Even BTC had it's setbacks ,, I'm a LTC believer i think it's an is awesome investment .
One day it'll be 1000$ , that's the cue to sell a few ;)