New year, New Gann Fans. Litecoin possibly sets up for break out
Updated
Lot's of negativity going around crypto b/c of the price. I guess people just assume when something goes down in value it is no longer legit or is a scam. While there are plenty of scams in the crypto markets Litecoin is certainly not one of them. When you buy Litecoin you are investing in a decentralized network that does not try to replace Bitcoin but instead work along side it. Holding Litecoin means you own a piece of a decentralized payment infrastructure that has massive potential for growth. Blockchain has many use cases but it's best, and most applicable function is the function of decentralized money. We peaked at 420, and retraced all the way back down to the last major accumulation zone between 20-40. June 8th 2018 marked the start of the bear market for Litecoin (when the red trend line broke). It sucks that we retraced all the way back down to where it all started, however this does not mean it is the end of Litecoin. As many of you are aware we have the Lightening Network, the halving, and confidential transactions (though no date as of yet) to look forward to. These events alone, combined with accumulation (hoarding by traders/speculators; supply/demand) will allow Litecoin to break old ATHs and achieve new ones. The question is when... when will it happen... well, if we can break out of the yellow 4/1 Gann Fan we can finally start our way towards the teal 8/1 Gann Fan; and if we can break that one, then and only then we will see new ATHs. The horizontal white lines mark important resistance levels to break on our way up, break of them will allow us to continue to the next resistance level; expect possible pull backs from them as we hit them on the way up; could be a good scalping opportunity as the chart pulls back due to becoming over extended. The 4/1 line could be breached by end of February, early March or April, if/when it happens expect price to move upwards violently towards the 8/1 line (latest being early/mid July assuming we break out of the 4/1 line). There is a chance that the 4/1 line still continues to be resistance which would mean we get rejected from it, and go for another leg down; could it happen... maybe... but you could also get hit by a bus crossing the street, or get nuked while you sleep. There is also a chance that Litecoin follows a larger correction fractal that many are using to scare hodlers; for that situation to happen the 4/1 line would have to continue to act as resistance.
Fundamentals for proof of work decentralized networks only get stronger in crypto land, everyday Bitcoin and Litecoin continue to exist, the stronger they become, even if price does not reflect it in the immediate term. Remember there is a buyer for every seller, and a seller for every buyer; but there are a finite number of Litecoins and Bitcoins, and the market is still in it's infancy; there will be a day where we see 1k Litecoin, and day where we see a 10k Litecoin. That day will be worth the pain. A new "bubble" will happen regardless if people want it to happen or not; b/c greed. Now we wait for more data points.
Fundamentals for proof of work decentralized networks only get stronger in crypto land, everyday Bitcoin and Litecoin continue to exist, the stronger they become, even if price does not reflect it in the immediate term. Remember there is a buyer for every seller, and a seller for every buyer; but there are a finite number of Litecoins and Bitcoins, and the market is still in it's infancy; there will be a day where we see 1k Litecoin, and day where we see a 10k Litecoin. That day will be worth the pain. A new "bubble" will happen regardless if people want it to happen or not; b/c greed. Now we wait for more data points.
Note
Assuming we break 4/1 and then 8/1 we'll see 100-200 Litecoin sooner than most expect.Note
One thing I forgot to mention is, if we do pump into Feb the 4/1 line is broken and then we can finally start making some upwards headway.Note
Oh yeah. Also we will revisit that red line that we broke on June 8th as well, that is also a matter of when. The longer we stay away from it the higher the LTC 4 digit+ ATH will become. For example if we went, and touched it at the end of this year that would yield a 2k LTC or if we wait 1 more year until end of 2020 that would yield 12k LTC, it could very well become our future resistance line. Note
Also on the monthly chart the 4/1 fan has been breached! :) Note
It'll break out soon. Maybe another week or two sideways left.
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