LTC is back to red while Charlie Lee supports Monero

He's back in red for Litecoin and while Charlie Lee supports Monero, investors are bleeding thanks to a 10% loss yesterday. Too, we expect a retracement, but this should come to the benefit of the sellers who aim for $ 25.

Latest news about Litecoin

Charlie Lee, the co-founder and head of the public figure of Litecoin is always up to date. Sometimes it can be controversial and while it represents Litecoin supporting its use in this deep market, it is never afraid of approving other coins. He is particularly interested in privacy features such as those found in Monero and sometimes held a poll on Twitter asking users to vote for one of the three privacy features he had proposed.

Among these there was the incorporation of Confidential Transactions (CT), Mimble-Wimble and ZK-SNARKs. The online community was clear and preferred to see the integration of CT rather than ZK-SNARKs which came second with about 25 percent of the votes. However, 22 percent voted against the inclusion of privacy features in Litecoin.

Although it is an innovative idea, Monero and its strict anonymity properties are facing the backlash of security organizations such as the US secret service. Therefore, even if it is incorporated, it will be a delicate balance between freedom and probability of further control.

Going forward, LoafWallet, a service that allowed users to buy and sell Litecoin via CoinBase, is not looking for beta testers who are preparing to switch to SimpleX. On the back of complaints and more, this will open the door to greater agent satisfaction and further expose users to more than 150,000 users who wish to purchase any amount between $ 50 and $ 20,000 of LTC.

Litecoin (LTC) Price analysis

Weekly chart LTC

The depreciation is clear and after yesterday's clip, LTC fell 10 percent on a weekly basis. This means that prices are now running towards the $ 50 main support line to complement the bear break-out model in early August. In any case, we were neutral from the network, encouraging risk-averse operators to only perform long operations once there was a clear break and close above $ 70 in the wake of strong volumes.

This did not happen and while short-term traders were successful, our business plan is valid. It would be ideal for LTC traders to expect clean cuts and breakages lower than the September lows to around $ 45. In this way, traders will exchange the direction of the strong bear candlestick of the week which will end on 9 September and synchronize perfectly. with the general tendency of the bear.

The ideal targets for bears remain at $ 25, while another whipsaw who reaffirms buyers over $ 70 cancels this bear projection.

Daily LTC chart

Back to the daily chart and the launch market of the last two months is clear. After the outbreak of trade in early August, the market has fluctuated around $ 20 with a ceiling of $ 70 and stood at $ 50.

After the influx of sellers and the magnification of yesterday's losses, we expect sellers to build enough momentum and exceed the $ 50 level.

Next, we will recommend LTC short trade traders to sell only once a full bear bar will close under $ 50 with the first $ 25 targets as mentioned above.

Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.