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Litecoin (LTC/BTC) data source from
Litecoin (LTC/BTC) dragging down to bottom end of the long term bearish trend

Litecoin price trading in US Dollar term (LTC/BTC) hammered down -2.48% for last 24 hours trading on Poloneix. The unequivocal dump was gradually initiated around the high intraday peak price of 0.00423. LTC/BTC reached the low of 0.00397694 near to year low of 0.00394158 last traded on 5 January, before recovered scantly and now traded at 0.00408561BTC. These price levels represented a 21% drop for the year.

Bitcoin price is currently on renewed buying interest and on the verge to break the USD1,000 again. Therefore, LTC might trading softly against the Bitcoin bull. Beside, Litecoin is under Segwit softfork activation process which meant to be start within 30 hours of the time of writing. The Segwit upgrade requirement threshold is set at 75% support from the network. Many altcoin enthusiasts view the Segwit as the step growing forward to revive the fortune of the once-called the silver to cryptocurrency.

However, the hopeful Segwit process is far from consensus. The selloff of Litecoin was incited further by the article on cryptocoinsnews. The article quoted LTC1BTC’s founder played down the prospect of his pool as well as some other leading Litecoin pools on upgrade to the planned softfork segwit. Check out the status of the Segregated Witness (segwit) soft fork here.

Litecoin is the first altcoin. It was invented in 2011 as an alternative to Bitcoin, vended at the time as the silver to Bitcoin which amicably is the gold standard of cryptocoin. It was the second biggest digital currency for a long time. However, it has been overshadowed by emergence of other altcoins such as Ethereum and Monero since last year. Nevertheless, it still commands big following in China and keeps its market cap valued atop $200 million.

Important LTC/BTC price levels to watch,
Year High – 0.005180 January 10 2017
Year Low – 0.00394158 January 5 2017

Litecoin (LTC/BTC) hour chart on Poloniex BTC exchange
Litecoin (LTC/BTC) hour chart on Poloniex BTC exchange

Some Critical Price Levels for the Immediate Term
Important Resistance Levels
0.00419702 (0.236 Fibonacci Retracement)
0.00428744 (0.382 Fibonacci Retracement)
0.00436707 – immediate support level (0.5 Fibonacci Retracement)
0.00443361 (0.618 Fibonacci Retracement)
0.00453767 (0.786 Fibonacci Retracement)

Crucial Support Levels
0.00405200 – support level January 26 2017 broken hours ago but retreated since
0.00394158 – Year Low January 5 2017

LTC/XBT Futures (LTC7D) on BitMEX

LTC/XBT Futures (LTC7D) orderbook and trade history
LTC/XBT Futures (LTC7D) orderbook and trade history on BitMex.

On BitMex, the LTC derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Litecoin / Bitcoin (LTC/XBT) exchange rate. Traders need not have Litecoin to trade the futures contract as it only requires Bitcoin as margin.

Trade Litecoin on BitMex Futures

BTC Exchanges and Charts With Litecoin #LTC Trading
BitMex Futures
Simple FX

Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.

Chart via tradingview, data source from Poloniex, and BitMEX.

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.

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