Jump to content

Recommended Posts

I mean Bitcoin will get all the headlines but Litecoin has actually outperformed it in percentage terms. 

Share this post


Link to post

All Cryptocurrencies are in the 'red' and seem to be correcting heavily as they do. This is likely to be a combination of profit taking, stop losses being triggered and new short positions being opened all amplifying the move downwards.

Litecoin seems to be holding up rather well compared to the others including Bitcoin It is only down around 1.1% compared to 3%-7% for the others.

Share this post


Link to post

Litecoin is currently trading around $140 area. It cannot seem to motor on from this price. I am expecting $150 but it is only an expectation and nothing more. 

Some would argue that the trend is weakening on Litecoin (no trend reversal confirmation signal / indicator yet) and others would argue that it is merely consolidating before the push up to $150 and beyond.

What I have noticed is that whilst the likes of Bitcoin and others shot up over the weekend, Litecoin, did not. The question I am asking myself from an 'anticipation perspective' is whether the gains before the halving event have come and the smart money is going to begin selling as we approach the imminent halving event?

This coming week signals the end of June 2019 and it will be very interesting how Litecoin fares.

  • Like 1

Share this post


Link to post

So what you suggest should wait and see or enter into it 

 

Share this post


Link to post

@mykig,

Those who have entered a while back should hold as there may be further gains and also hold until trend reversal.

Those who have not entered may have missed the majority of the gains but could enter between $130 to $135 levels on the long side but it would be a big risk and Litecoin could face a sell off just there be a large bout of profit taking.

  • Like 1

Share this post


Link to post

Litecoin's 'daily' chart seems to be indicating a move upwards. It is already up 5.58% at the time of this post. 

Now Litecoin has its halving event this year, in fact next month.

It has already outperformed Bitcoin in terms of percentage returns so it is no surprise that it seems to be jointly leading with way with Bitcoin at the moment.

 

Share this post


Link to post
Posted (edited)

Litecoin has made something like over 300% Year to Date (YTD) gains. I think around 100% more than Bitcoin which is the 'Big Daddy' of the Crypto Universe. It has made double the returns of Bitcoin Cash. 

I just checked and Litecoin's mining reward halving is due 6th August 2019 so a month away. 

I have been 'Long' Litecoin for quite some time now and I think for those who have not it may be worth thinking about at least a one month play going 'Long' Litecoin prior to the halving event. Now I know this could backfire as Litecoin ends up dropping. I am not expecting it to drop for the next month and I expect Litecoin to be a higher price on the 6th August 2019 than it is today but I could be proved wrong by the price action. 

I myself would continue holding my position even after the halving event as Litecoin could continue going upwards and for me it is about letting my winners run even if there is sharp and deep volatility along the way. That has served me well so far and it seems to have worked a treat so I am not going to try and be clever and take my profits early. If I am proved wrong then so be it. 

Now to counter this on the last reward halving event for Litecoin it actually dropped very sharply for about six weeks prior to the last halving event. Now this could happen so it is a high risk trade if you are not already trading Litecoin. 

Edited by TrendFollower
  • Like 1

Share this post


Link to post

Litecoin is leading the way at 6:30 pm UK time and is up now 6.63%. It could be a monster 10 hours or so with Asia waking up shortly to join the party. 

  • Like 1

Share this post


Link to post

Well Litecoin did not light up the night like I expected. However, it was the most robust in terms of range bound activity and volatility overnight. When looking at the 'daily' chart it seems to be holding up pretty strong for now .

  • Like 1

Share this post


Link to post

Will you suggest to long lite coin as last time you mention should be bought around 120 or 125 mark Will appreciate your suggestion as it seems looks good for longing

Share this post


Link to post

@MYK1,

I have been 'Long' Litecoin for quite some time now. I do a lot of reading daily on Cryptocurrencies and therefore I knew pretty early about the halving event and anticipated the rise in Litecoin.

Litecoin has already gained 300% since the start of this year. Now add some serious leverage as the margin requirements for Litecoin on IG are extremely attractive in my opinion and you can see that returns far greater than 300% were there to be taken. In fact far greater than 300%!

I would be careful going 'Long' Litecoin right now for a few reasons. One of them is that Litecoin may have experienced the majority of the upside prior to the halving event. This is a possibility. You could be the last one to join the party and end up having the clean up all the mess as everyone else leaves to go home. The other reason is that I would consider waiting for Litecoin to breakout to the upside before thinking about going 'Long'. Though the upward trend is still in tact it has weakened during this latest consolidation period. It could be that Litecoin experiences some heavy profit taking leading to stop losses being triggered which attracts new short positions all leading to an amplified move downwards. 

It is different for me as I am already 'Long' Litecoin and have been for a while adding to my positions on the dips but for someone to come in now presents a bigger risk. I would monitor the price action carefully and to see which direction Litecoin is going to move in next before making a trade. 

Of course these are my personal opinions but you should really make your own decision. I could suggest a number of things and if you followed them and it led to you losing money, then what? None of my suggestions can guarantee a profitable trade. At this moment Litecoin seems to like the $119.00 price level so anything lower than this could be a potential entry point for a 'Long' but the downside risk is great at the moment for Litecoin. If Bitcoin is going to hit $20k levels then capital from the likes of Bitcoin Cash, Litecoin and other 'Altcoins' may be required to flow into Bitcoin. 

  • Like 1

Share this post


Link to post

Litecoin was the trend leader earlier on in 2019 but Bitcoin has taken over. Litecoin has slowed down and this is of particular interest as its halving event is only a few weeks away. It seems its price is losing momentum and is trading in a very tight range currently. 

Now this could be prior to a major breakout or a trend reversal. I do not know at this stage but the only way we are going to find out is by monitoring the price action. 

  • Like 1

Share this post


Link to post

I have been watching Litecoin very closely over the past couple of weeks and it is in a very tight range of $117 to $120. I saw a similar example of range tightness back in March 2019 so whether this is a signal for what is to come, who knows?

  • Like 1

Share this post


Link to post

Brilliant idea nearly same situation👍

Share this post


Link to post

@MYK1,

Thank you. 👍

If you look at the chart on the 'daily' set up then you will see that the price 'popped upwards' after this range bound period finished. It seems that Litecoin is still in the bullish upward trend so it could happen again. 

My only concern is that Litecoin experiences a large 50% correction as the halving is priced in and that is what happened back in 2015 when its previous halving occurred. To counter this we are in a different period and stage in the Crypto cycle so it could be different this time. The simple truth is that I do not know. 

I have been 'Long' on Litecoin for many months now and if there is a trend reversal which is sharp and brutal then my trailing stop will be triggered, taking me out of the trade with a profit. If this does not happen then my trade will continue and I shall happily pay the daily charges to IG. I have kept my trailing stop as wide as my risk tolerance will allow due to how volatile Cryptocurrencies can be. 

  • Like 1

Share this post


Link to post

👍👍👍 

Sorry don't wanna be mean as you holding long position

Share this post


Link to post

@MYK1

I have been long on Litecoin for a while now and I have seen many of these drops. Unless there is a clear trend reversal then it really does not concern me.

Those who are bullish on Crypto but use tight stop losses or joined the party late will be negatively impacted. They may end up nursing losses and then find it difficult to re enter. This price activity and extreme volatility scares a lot of traders and leads them to stay away from this asset class. 

Strong stomach is needed to trade Crypto’s and if you don’t have it then you must stay out of the kitchen.

  • Like 1

Share this post


Link to post

😀 got few punches already in stomach and trying to make it hard by exercising might one day come with six packs to absorb punches lol

Share this post


Link to post

@MYK1

LOL. 😀

For me Litecoin has to defend the $100.00 area. If there is no upward continuation and $100 is broken then for me it spells a bit of trouble for Litecoin. After the tight range bound activity in March 2019 Litecoin shot up. The reverse has happened here so it could mean a lot of profit taking and selling which could trigger a lot of stop losses and result in the price dropping downwards both quickly and sharply. 

Traders will need to have a close eye on their exit plans. 

  • Like 1

Share this post


Link to post

Litecoin is trying its best to defend that $100 area. It did briefly drop below it but very quickly bounced above it indicating that there may be some strong support at that psychological price point.

I just saw this article which may be of interest to some of you who are interested in Litecoin.

The Miami Dolphins Now Have an ‘Official Crypto’ – And It’s Litecoin

https://www.coindesk.com/the-miami-dolphins-now-have-an-official-crypto-and-its-litecoin

Share this post


Link to post

Litecoin failed at defending that $100 level. It dropped down in the $70's. However it is currently back up and hit $95 level. If it can go above $100 then it may consolidate at that level before deciding whether to make a bigger move upwards or continue declining depending on market sentiment, news flow, etc. 

Share this post


Link to post

The US Federal Reserve cuts interest rates and Litecoin seems to be the biggest benefactor as it is up 9% at the time of wiring this post which is 8:20 pm UK time. LOL. 😀

Jokes aside and on a more serious note Litecoin's halving takes place in five days so this following article may be of interest to any of you interested in Litecoin.

Litecoin Is ‘Halving’ Soon: What’s Happening and What You Should Know

https://www.coindesk.com/litecoin-is-halving-soon-whats-happening-and-what-you-should-know

 

Share this post


Link to post

Litecoin hit $99.90 so a fraction away from that psychological $100 area. It seems like it may well hit that price overnight as the Asian market love Litecoin!

 

Share this post


Link to post

I last posts around 2-3 weeks ago on this thread and I have seen Litecoin go down towards the lower $70's. It is currently trading at $76-77 at the time of writing this post. 

Litecoin's chart looks pretty ugly. It is currently trading below its 20, 50, 100 and 200 DMA's which is very bearish. 

Only really Bitcoin (significantly) and Bitcoin Cash are trading above their 200 DMA's on the 'daily. 

Litecoin will need some very bullish news or a big move from Altcoins / Bitcoin otherwise it could easily fall down into the 60's. 

After the halving event, it seems, Litecoin has been heavily sold. This capital may now shift to Bitcoin. That is my suspicion and assumption and the price action will confirm this. I will be interested to see if the divergence between Bitcoin and Litecoin increases. 

Share this post


Link to post

Litecoin traders and Crypto analysts are predicting $100 again for Litecoin looking at the 1hr charts. I am not convinced but if there is a resurgence in 'altcoins' based on positive Bitcoin price action then it is possible. The 'daily' for Litecoin looks awful. Those shorting will be profiting from the current price action for Litecoin. 

For me based on the 'daily' the $65 price level is absolute key for Litecoin as otherwise it could be fatal for this alt coin should the price drop below it. No one long Litecoin should be holding below this point though the smart traders will have already sold any long positions and taken profits. 

Share this post


Link to post

If one looks at how Litecoin's price has reacted after its halving event then one can see that it has been downwards. The price went up more than Bitcoin prior to the halving the event, weeks and months in advance. 

This maybe something which could happen to Bitcoin too. It could go up weeks and months in advance of its halving event and then go down after the halving event. Litecoin may be providing us with a good indicator of future price behaviour. Of course time and price action will confirm this. 

Share this post


Link to post

Litecoin is up 2% at the time of writing this post and is this morning's best performer of the Crypto's available to trade on IG's platform.

It seems to be that Litecoin is consolidating at the current price range which is a healthy sign. However it needs to break this current range bound activity or face further downward pressure. 

I do fear for some of the alt coins in that their narrative is far weaker than Bitcoin.

Share this post


Link to post

Litecoin is up 5% at the time of writing this post but it is no longer the best performing Cryptocurrency as Ripple and Stellar have taken that mantle for today. 

I fear that Litecoin is really going to struggle to break through $80 to $90 range. I just don't see it going through this unless there is some really positive news flow for Litecoin and Crypto's in general. I think the same for Bitcoin Cash as well.

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Member Statistics

    • Total Topics
      7,621
    • Total Posts
      39,098
    • Total Members
      49,277
    Newest Member
    KamK
    Joined 18/10/19 14:21
  • Posts

    • The vote has little significance if there will be an extension given if they vote no.  They can keep this up indefinitely.
    • Still not clear how the vote will go tomorrow, will depend on Labour MPs, snap poll suggests general population support it. Merkel ready to offer an extension if vote no but Boris seems unlikely to accept. Nick Boles MP  @NickBoles  "All the Benn Act does is oblige the PM to request an extension if he has not got his deal approved by the end of tomorrow. On its own an extension request cannot stop a No Deal Brexit on 31 Oct. The only certain way to stop No Deal is to vote for the deal."
    • Using ProRealTime at the moment But also though first using the API. The backtest functionality of PRT is not too bad though, as you can run through variables up until 10,000 combinations. Currently running through different combinations of TP, SL and entry points
×
×