Litecoin breached $50 again Is this time for real to the moon? Or still another fake out?

Litecoin is very similar to Bitcoin in many aspects. Litecoin went up 10X previously on the Segwit activation. Giving further cue on the Bitcoin network. Litecoin considered also a pseudo-hedge against Bitcoin. Most traders flow into Litecoin if Bitcoin slowing down.

The LTC price increased might due to the weakness on the Bitcoin bear trap for past few days.

Litecoin Above 50 Agian, LTC/USD Eyeing Breakout

The 4th most valuable digital currency Litecoin was up +8.5% for the day on heavy volume, based data on coinmarketcap.  The last 24h volume was $447million, about 3 times the previous day volume. The total marketcap firmer at $2.7 billion.

The most active markets for LTC trades still mainly on Korean won and Chinese Renmimbi. Both Asian fiat currency tops around 50% of total LTC trades.


There is no big news that tangible enough to move the market except probably related to slowing down of BTC price.

Litecoin network could have another upgrade in the form of Lighting Network (LN). LN potentially made faster transaction and lower the fees. The LN talk is affirmed by Litecoin creator Charlie Lee on its Twitter.

 

 

LTC/BTC Technical Analysis 24 August 2017

LTC/BTC Daily Chart
LTC/BTC Daily Chart.  data source: Poloniex

LTC/BTC trade pullback and on the move up from the double bottom. The price look set to test another resistance level within this week. The latest upswing stopped at the resistance and 30-day Moning Average. MACD line in the flat near oversold position.

LTC/USD Technical Analysis 24 August 2017

LTC/USD Daily Chart
LTC/BTC Daily Chart.  data source: Coinbase

The LTC/USD pair definitely looks more bullish. Partly due to the weakness of US dollar for the past months. I am awaiting the LTC to breakout on the peak level. LTC/USD pair is the most bullish sign for the last two months.

LTC/CNY Technical Analysis 24 August 2017

LTC/CNY Daily Chart
LTC/CNY Daily Chart.  data source: OKcoin

CNY is a traditionally strong market for Litecoin. I only can foresee more support coming from the Chinese market especially in the long run. It constantly buys up whenever big dips on LTC price against CNY.

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Chart via tradingview

 

 

The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.