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LTC is an institutional Investment Grade, Bull target at $ 70

Still, Litecoin is going inside a $ 20 zone with increases to $ 70. Although we are looking forward to solid fundamentals and technical training, our Litecoin business plans need to be solid if and only if our conditions commercial services are met.

Latest news about Litecoin

Relying on the so-called experts can be a little exaggerated for your wallet. Although they can be correct and authoritative, an investor should take initiative and research before making an investment decision.

A case in point is the overwhelming analysis of Tushar Jain who said that Litecoin is obsolete. By doing a swipe to Charlie Lee, the founder of Litecoin, he said Litecoin, the seventh largest currency by market capitalization, is a relic that crashes to zero. But, looking at the price action, Litecoin returns to +55 territories and will probably add in the coming weeks. As Arthur Hayes ETH, "comments on the coins of shit", analyzes how those prevailing below. Most often, the price tends to vanish their projections of experts.

Apparently investors see the potential in LTC. The fact is that Litecoin is part of what SFOX is proposing at institutional level and high net worth investors. Speaking after the announcement, Charlie Lee said that "well known" investors support the exchange and this addition exposes Litecoin to a high exposure to liquidity and institutions. Too much, this is good for the depth of Litecoin as it dominates the volatility. Prior to this, CoinText provided support to allow users to send Litcoin to a mobile number in addition to Bitcoin, BCH and ETH.

Litecoin price analysis

Weekly chart

Litecoin price analysis

Although Litecoin has dropped five percent in the last week, there is a postponement regarding investors and traders. From the chart, it is clear that prices are down 80% compared to the 2017 earnings, but $ 50 provide support.

While we can interpret this awakening as a new test due to the break of early August 2018 under $ 70, the strength of $ 50 as a reliable support could nullify this bear trade break model. Separately, note that Litecoin's prices have consolidated into a $ 20 range with resistance to $ 70 in the last two months.

Furthermore, the long lower wicks suggest a potential displacement of momentum from bears to bulls. Therefore, by fusing all this, we maintain a bullish prospect of Litecoin. This position will be void only if there are strong and rapid losses that confirm that the final week on August 12 caused a loss of LTC below $ 50. Before that, we remain optimistic and expect peaks above $ 70 that generate purchases aimed at $ 90 and $ 110.

Daily chart

Litecoin price analysis

A large market and strong supports at $ 50 could provide a solid foundation for buyers who will drive Litecoin prices above $ 70. The gains as such will cancel the beak break pattern and the September 5 losses indicating a shift momentum from the bears to the bulls.

Because of the last two bull bars, the risk that traders can charge at spot prices with stops at $ 55 and targets at $ 70 and then $ 90 if the buy momentum is strong. However, this depends on participation in the market that pushes prices above the $ 70 that trigger the bulls.

disavowal: This is not an investment advice and opinions represent that of the author. Do your research before making an investment decision.

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