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My current weekly view on #Bitcoin: potential bullish engulfing candle forming after testing the 1.618 Golden Ratio of the 2018 decline. Watch this as the weekend closes on Sunday. If proves to be a bullish engulfing, this is an indication of trend reversal
(1/?)
(1/?)
(2/?)
Long-term logarithmic growth line intact since March '20, potential support as we move on.
Weekly resistance level at about $39k; $30-39k being the same price range we have been in since late May.
Weekly RSI remains mildly overbought and approaching a descending resistance
Long-term logarithmic growth line intact since March '20, potential support as we move on.
Weekly resistance level at about $39k; $30-39k being the same price range we have been in since late May.
Weekly RSI remains mildly overbought and approaching a descending resistance
(3/?) Some context: 1.618 Golden Ratio forms a support level during a mid-summer 4th wave correction in each #Bitcoin cycle.
1/ Recently, there has been a concerted effort to suppress Litecoin price by people/funds that are shorting LTC and by groups that see Litecoin as a threat. I will clear up this FUD and show why Litecoin has tremendous value.
2/ FUD: Litecoin has lost its edge and can't differentiate itself from hundreds of other altcoins.
TRUTH: Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.
TRUTH: Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.
3/ Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.
Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
