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The question I am asking at the moment is whether we are witnessing a 'short covering' rally at the moment in Litecoin and other Cryptocurrencies?

I think we are about to find out. It is difficult to tell at the moment and it could be that a further downward move may materialise or a new bullish upward move may begin. The only way of knowing as early as possible is to follow the price action and see what it tells us. 

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@GodInyou,

If you are asking if it is good to mine Litecoin then that really depends on you. It can be very costly so how deep are your pockets? Do you have the specialised equipment necessary to mine Litecoin? Do you have access to cheap electricity? Why do you want to mine Litecoin? What is it that has made you think of this?

The key question is do you think the price of Litecoin is going to continue upwards to make it worth while mining Litecoin at current prices? What if the prices decline?

 

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The downtrend is still in play for Litecoin though it could catch up with other 'Alt Coins' very soon. The problem is that 'Alt Coins' are following Bitcoin's lead and it could be that they cannot sustain Bitcoin's move and run out of buyers. 

There are two price point targets in the shorter term which are $70 and $86 which would take Litecoin above its 100 and 200 DMA's. Even then it would still be in a downtrend based on the 'daily' so Litecoin still represents a very high risk trade. 

 

Edited by TrendFollower

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Litecoin seems to be consolidating and showing more sideways action than other 'alt coins' on the 'daily'. 

It could be deciding whether to break upwards or break downwards depending on how Bitcoin et al decide in terms of which direction to take.

 

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Litecoin seems to be displaying distinctive sideways price action and more so than the other 'alt coins'. 

Litecoin_20191104_05_21.png.27e98e6624c372ad25566f6a261a267f.png

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This is a quote from Charlie Lee:

About it, Charlie Lee commented:

“I see it less about privacy and more about fungibility. In order for Bitcoin and Litecoin to be useful money, they have to be fungible. Whichever Bitcoin or Litecoin you spend should be equal to any other coin you have.”

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Apparently Litecoin hit the highest number of daily transactions in 2019 though the hash rate continues to go down. 

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As good as Litecoin has been in the first half of 2019 it has been just as bad in the second half of 2019. It has literally given back all the gains.

Those traders who trade both 'long' and 'short' will have made money on the move upwards and then also made money by shorting on the move downwards. 

It is difficult to anticipate how Litecoin will do over the coming month but I think it is likely to take the lead from its father in Bitcoin. 

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