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Fortunately for Litecoin merchants and enthusiasts, this deep bear market could be a good time for adoption according to Charlie Lee. Of course, from time immemorial, the mass adoption of any product, centralized or otherwise attracts value and Litecoin is no exception. Meanwhile, Litecoin and most of the coins in the top 10 record double-digit losses as sellers seek the new lows of 2018.
From the news
- After realizing the trail of destruction after the decision to postpone VanEck and SolidX Bitcoin ETF, the United States Securities and Exchange Commission (SEC) is now pursuing a public opinion. Of course, as an unregulated market, the SEC is there to protect the ignorant investor who often bears the greatest weight in the market.
- Steve Wozniak, Apple's co-founder, is excited to meet and interact with the big blockchain community players in the upcoming Crypto Invest Summit scheduled for October 23, 2018. Through an announcement, Steve said that was thrilled to challenge blockchain leaders to propose innovative products that will not only bring utility but value to their users. More than 5,000 attendees are expected at the Los Angeles Convention Center. Other notable speakers at the summit include former NASDAQ president David Weild IV, Ran Neu-Ner of CNBC and, of course, Tim Draper who will sign his books and hold a fire chat.
- As the bears get fat, Charlie Lee warned that this is the best time for adoption. Lite.im went ahead and launched, allowing users to send and receive Litecoin to Telegram. Lite.im works through a text message and allows anyone around the world not only to send and receive funds via Litecoin, but to check incoming addresses and Litecoin balances.
A bear market is the best time for people who work for adoption.
Have a look at https://t.co/Ua8LQz9f4h. Send and receive LTC on the telegram. In the end, it will also support SMS. Great work @ztxrepublic team! 👏
We build it and it will come. Adoption is the key!
– Charlie Lee [LTC⚡] (@SatoshiLite) 9 August 2018
Technical Analysis
Weekly Chart
Litecoin weekly chart of Trading View
So how it is, Litecoin's prices are now trading at lows of 2018, but that's not obvious. From the weekly chart, we can see that prices have fallen below the lows of Q1 2018 through a rupture of the bear at a high volume lower than the week ended on 10 June.
The same pattern is played this week and unless something drastic does not arrive, this week they end up with the sellers who overcome the bulls that break and close below the second quarter 2018 when they record the lows of 2018 .
These two, the same style under the key support area indicate how strong this bear moment is. If possible, we can check simple metrics and note that Litecoin is down 85% compared to ATHs in 2017 and will probably discharge more value in the coming days.
Now, due to these low lows and a major closing below $ 70, we recommend shorting with first targets at $ 50 and subsequent $ 30. The only time this sales projection would be null is once we see shoppers pushing over $ 90 and $ 110. Otherwise, selling on all low-end levels seems like a good plan.
Daily chart
Litecoin daily chart for Trading View
The path of least resistance has been ascertained. Since bears are in charge, we must exchange the trend by recognizing that the June 10 breakout pattern and the consequent break below the $ 20 to $ 70 range.
In line with our previous analysis Litecoin technique (LTC), we suggest to sell on $ 70 relegated shoots with arrests at $ 70 and first goals at $ 50
Disclaimer: The opinions and opinions expressed are those of Author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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