LTC still in accumulation phase
Updated
LTC halving has just happened on 2nd August 2023. Compared to the previous halving in 2019, prices are similar but LTC's bases of today are more solide: trippled total adresses , doubled active adresses, doubled hashrate.
In my opinion, LTC is still in an accumuation phase in a big range $58-$114 and this would continue for months, maybe until the next halving of BTC. This range with some remarkable events (following Wyckoff method) is presented in chart. I'll base on this plan for potential setup.
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Litecoin (LTC) is often referred to as the "silver to Bitcoin's gold" due to its similarities with Bitcoin (BTC) in terms of technology and functionality. Litecoin is an open-source project and operates on a decentralized network using blockchain technology.
Key features of Litecoin include: Blockchain Technology, Scrypt Algorithm, Faster Block Generation (4 times faster compared to Bitcoin), Fixed Supply, Segregated Witness
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LTC has declined +30% since its initial values of this analysis.Prices were in the Buy zone and I bought first LTC in here
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I added more LTC at $59 (around horizontal and trendline supports)Note
Update: prices are still consolidating around the long-term support trendline (1W TF)Note
My first accumulation done in this area. Will wait to add more if Spring event happen the next months.Note
LTC is moving as planned. I'd accumulated around $60-$62 now prices are 20% up. Will add more in the future if Spring happens (not sure)
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Update on my long-term trade: In my opinion, we are at the beginning of Phase D. My long-term targets are $400 and $850 respectively. Note that these prices are references that I consider to sell.Note
Phase D is on-going. Today's candle of +20% confirm it. Just hold until previous ATH for first take-profit.Note
Still in the consolidation range, for almost 2 years. The day LTC breaks this range, it'll move exponentiallty.Note
Attempt to breakout, again:Note
Attempt to break-out failed and LTC created Spring Event. Yellow area is (was) to buy.
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