Moonsie's Long-term Litecoin View | #1 - Accumulate, you fools!
Moonsie's Long-term Litecoin View | #1 - Accumulate, you fools!
In the past, I published many nonsense, low-level LTC charts and ideas. I did that because I didn't really take tradingview and/or charting seriously - it was just a pathetic pastime of mine. Most of those charts were bearish, and most of them turned out to be correct (even though I rarely short - Litecoin, cryptocurrencies in in general, are a long-term investment for me. I have tried day trading and trading "the big swings", but it turns out I perform better just holding, even if that means painful "what iffs" after the bull dies off and the bear ensues. I can take it).
However, those charts might not have been perceived well. What I don't take seriously, another might. I want to erase all doubts and prevent further possible future confusion, so from now on, I will only publish charts and ideas I actually stand behind. It's also part of my belief of good thoughts, good words, and good deeds. Computers connect, but they also create an emotional distance; it's important we don't forget real people with real emotions have created and will continue to create all the content that is available online.
Enough of that. My first serious chart, which will be part of a series called "Moonsie's Long-term Litecoin View". Moonsie is the username I usually go by on Telegram; someone has hijacked by handle though. The current @UnknownUnicorn788630 is a faker, and not I.
#1 - Accumulate, you fools!
I expect the $21 support level to hold because LTC has already overly corrected, especially when you take the indicators mentioned in the chart and below into account. Furthermore, a drop to $21 (first support level) from current level of $23.50 equals a 10,6 percentage drop. Current BTC price is $3355 - a drop to $3k, which is "the" bottom according to many, is, coincidence or not, also a 10,6% drop. Even if this support level does not hold, I would not bet on the $16,82 support level breaking. It might be tested, but most likely followed by a high-volume breakout shattering all the close resistance lines in its path.
Most of the things mentioned above are purely technical analysis, keep in mind Litecoin has a lot more going for it, to a name a few things:
Buy now or cry later :).
In the past, I published many nonsense, low-level LTC charts and ideas. I did that because I didn't really take tradingview and/or charting seriously - it was just a pathetic pastime of mine. Most of those charts were bearish, and most of them turned out to be correct (even though I rarely short - Litecoin, cryptocurrencies in in general, are a long-term investment for me. I have tried day trading and trading "the big swings", but it turns out I perform better just holding, even if that means painful "what iffs" after the bull dies off and the bear ensues. I can take it).
However, those charts might not have been perceived well. What I don't take seriously, another might. I want to erase all doubts and prevent further possible future confusion, so from now on, I will only publish charts and ideas I actually stand behind. It's also part of my belief of good thoughts, good words, and good deeds. Computers connect, but they also create an emotional distance; it's important we don't forget real people with real emotions have created and will continue to create all the content that is available online.
Enough of that. My first serious chart, which will be part of a series called "Moonsie's Long-term Litecoin View". Moonsie is the username I usually go by on Telegram; someone has hijacked by handle though. The current @UnknownUnicorn788630 is a faker, and not I.
#1 - Accumulate, you fools!
I expect the $21 support level to hold because LTC has already overly corrected, especially when you take the indicators mentioned in the chart and below into account. Furthermore, a drop to $21 (first support level) from current level of $23.50 equals a 10,6 percentage drop. Current BTC price is $3355 - a drop to $3k, which is "the" bottom according to many, is, coincidence or not, also a 10,6% drop. Even if this support level does not hold, I would not bet on the $16,82 support level breaking. It might be tested, but most likely followed by a high-volume breakout shattering all the close resistance lines in its path.
- RSI: Lowest weekly RSI ever recorded. Even lower than 2015 January capitulation week.
- MACD Crossover: Watch out for a MACD crossover. In simple terms; blue line crossing over orange line signals reversal. Just as the orange line crossing over the blue line back in January signalled the beginning of pain and misery, and pain and misery indeed came. Orange line basically can't go much lower, it's a matter of mere days for the crossover to happen. Tiny bit of lacking indicator, so don't wait to buy for the crossover to happen - BUY NOW.
Most of the things mentioned above are purely technical analysis, keep in mind Litecoin has a lot more going for it, to a name a few things:
- The next halvening is just months away. Don't be an idiot who starts accumulating days in advance. Accumulate now.
- "The flappening"; BCash Shit & BCash Shit 2.0 ("SV") are dying - Litecoin market cap will rise above the market cap of these 2 scam coins before the year's end. A lot of capital will flow into Litecoin, which, if you think about it, is really the only true 'bitcoin cash' (crypto cash).
- Litecoin active development going on.
- Litecoin Foundation and its creator, Charlie Lee, are everywhere and contribute significantly to the crypto-ecosystem as a whole. There are many partnerships, ongoing projects, planned projects, and so on.
- A fundamentally strong coin. Unlike literally all the other cryptocurrencies in existence, LTC did not have a premine, token sale, ICO, etc. It's creator is transparent and it is one of the only truly decentralised coins with high liquidity and a trackrecord of surviving the most brutal bear markets in crypto-history.
Buy now or cry later :).
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Note that this chart was posted prior to LTC's most recent run-up.
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Please note that the previous week candles closes can be identified as (bullish) harami cross.
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Worship me, fools.
To the warriors from the 2011 & 2013 bubble that are still standing; Cheers!