Litecoin bear paws
Updated
Greetings from Benice team!
Litecoin is one of the first Bitcoin forks. Charlie Lee has the upper hand, one of the few cryptomarket tycoons who did not hesitate to warn participants about the upcoming correction at the end of 2017, and sold all his personal Litecoins himself.
That's what Charlie Lee says:
"For a currency to really be a worldwide decentralized currency, you can't have a real leader who is trying to control things. So to make Litecoin more decentralized, eventually I would step away... I think that moving forward like five years down the road, when prices back up, then I would feel like it was the right move. In general, it can take several months for the trend to go upward", he pointed out.
If we look at the general situation, we'd rather agree with Charlie, the thaw can last for a very long time.
However, many coins can completely sink into oblivion during this time. So, coins with good fundamentals are more interesting, in this case.
As to Litecoin, its Beta coefficient is good, and it can show the right spirit in the future, demonstrating resistance to decline with respect to the market.
Due to a four-day sideways trend, technical indicators began to signal weakening. A similar situation is observed with other altcoins.
The long-term technical picture tells us that the decline will persist rather than that a rapid growth rally will occur.
You can see the trend continuation pattern on the chart. Accordingly, the target for the Bears is the $ 30 level.
At the same time, in addition to bear paws, the token is successfully drawing the channels of movement and allows you to trade on short time frames with confidence.
An attractive speculative level for buying LTC/USD is 53 and 51. If you enter at these levels, then your target is 61 and 67. However, keep in mind that the trend is downward, and the strategy should include either a possibility of averaging or placing stop-loss orders. At the moment, 44.6 is the optimal level for stop-loss. When this level is reached, the price will be likely to increase the momentum of the movement, to reach 41 and even to go lower.
We are going to update regularly our short-term recommendations on this tool. We are going to inform you of the transaction entry level, the stop order level and the target for taking profit.
Subscribe and follow our recommendations!
You are going to enjoy the results!
Note
The price has reached attractive speculative levels to buy.We recommend buying at 52. The target is 61. The stop order is at 48.5.
The target may vary depending on the market situation. If it changes, we will update the recommendations!
Trade closed: target reached
Trade active
The price has reached attractive speculative levels to buy. We recommend buying at 53,47 The target is 58. The stop order is at 48.5.
The target may vary depending on the market situation. If it changes, we will update the recommendations!
Note
The transaction is executed. The profit per transaction is 7,8 %.Trade closed: target reached
Note
The global target of $ 30 mentioned in the review has been reached. Meanwhile, the market situation continues to escalate towards a further decline. The levels of 25 and 20 are the next decline targets. The second entry into the position with short-term and medium-term targets can be considered when these levels are reached.
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