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/?)
(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
(3/?) Some context: 1.618 Golden Ratio forms a support level during a mid-summer 4th wave correction in each #Bitcoin cycle.
Why I stacked #Bitcoin all of 2020 but started stacking #Litecoin in January 2021: πA thread: π
What is #Litecoin #LTC was created in Oct 2011 by computer scientist Charlie Lee, an ex-Googler.
$LTC is based on Bitcoin protocol but it has a different hashing algorithm, and the total supply is capped like Bitcoin, but a higher number of total tokens (84M vs 21M).
Gold vs Silver #Litecoin is scarce in the same way #Bitcoin is, but it is cheaper and faster to transact in on the base chain (Layer 1). This leads to the narrative that #LTC is the "silver" currency to #BTC's "gold" store of value.
Its network is 10 years old with 100$ uptime.