I've kind of ignored LTC' for a couple weeks now because of the upcoming fork with BTC' segwit2x. Why is this? Well quite frankly BTCsegwit2x could make both Litcoin and vertcoin less relevant. It's all about branding and most people outside those of us who sit in our underwear drinking coffee and eating Doritos 16 hours a day mauling over all crytpo currency news, have name recognition with bitcoin. Yes there is Dash but Dash already has better branding and great market penetration. Just go to the gas station across the street it's Bitcoin Dash and Now Ethereum. But let's forget about DASH right now because I think this will be less affected by segwit2x.
Litecoin was branded bitcoin silver for whatever reason. It was a fork from bitcoin that implemented segwit. So why do we need another fork for segwit2x? I have no idea, it appears litecoin already resolved this issue and bitcoin cash addressed the scaling and fee issues which is more inline with the Satoshi's white paper. This does not seem to be in the best interest of the investors and appears to be more of a power grab in the mining world. I mean seriously this is going to be the 3rd fork in 3 months? And are we really getting anything better from it? Are we going to keep forking until people just say "screw this I'm going with Ethereum and Dash! I'm not so sure but I can tell you from knowing merchants that accept cryptos, they mostly accept Bitcoin, Dash and Ethereum. Ok I'm sure there are a lot of others that accept other coins, but these are the ones I see and it takes redoing their code for merchant services to accept a new coin. Keep this in mind.
Let's first look at the split of BTG' BCH' BCT' and B2X. To be honest from bitcoin gold's own website, in my opinion BitcoinCash is the better of all 4. btcgpu.org/
So is this a backlash at Charlie Lee and Litecoin? I have no idea, but if B2X goes through it will be in direct competition with litecoin and vertcoin. Well we know that not every coin will survive as miners will look to mine the ones that are most profitable. So which one will it be? BitcoinCash and Dash in my opinion will be the 2 winners if B2X forks along with Ethereum. So I am going to be cautious on trading LTC in the near future.
For the long term however, it is still only one of 3 coins on coinbase and for this reason I like Litecoin. Now most of us have added in the $50 range or had the opportunity. We even got an opportunity in the $40 range recently, so I'm not so sure I want to cost average a potential loser here, but I do like a deal.
The chart is quite clear, investors are not sure where litecoin is going, but over the past week or so we have continued a downward trend after a nice run up that fell short of numerous TA targets. Aughghgh (this is why you monitor trades and do not put them on autodrive). But here we are getting close to where I would feel safe adding to my core position. Now if you haven't added I think $48-$52 is a good zone to add. Limited downside in the event Seg2x has an impact on Litecoin. However the safer place is down in the lower channel between $40-44. I think this provides a level of safety in the event something fundamentally happens in the next couple months, and we can cut our losses pretty quick.
Keep in mind trading in this environment is risky regardless of how nice a setup looks. Markets are rotating. You are best sitting on the sidelines waiting for the 3rd wave to happen in an overall bull market where everyone makes money, instead of trying to guess if we are still in a correction or started wave 1. This is the time to look for deals and that's what we are doing!
Looking at all the charts, I think LTC is very cheap. Especially LTC / BTC. It is also far to 30% of the BTC price. I assure you that LTC is a good purchase now. Of course, the coin may fall a bit lower, but if you do not get to the train then you will regret it.
tv565
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Its good time to get Litecoin, i buy 1700 LTC and little more tomorrow after my bank send usd to coinbase.
goldbug1
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@Tradepl, I would just caution on how the segwit2x rolls out. If they cancel it, your golden, if it goes through then the area starts getting crowded..
Thanks
tv565
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@goldbug1, What Dou You mean about the segwit2x ? What do people ?
goldbug1
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@Tradepl, If segwit2x gets delayed or turned down, then I think LTC is the segwit coin of choice, If not and BX2 comes out then it has the name recognition and could challenge LTC for percentage of market. So make sure your buying cheap because anything can happen!
tv565
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@goldbug1, Looking at all the charts, I think LTC is very cheap. Especially LTC / BTC. It is also far to 30% of the BTC price. I assure you that LTC is a good purchase now. Of course, the coin may fall a bit lower, but if you do not get to the train then you will regret it.
tabraham
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@Tradepl, Maybe understand what segwit2x is before making such bold statements? Segwit2x is a big deal, and @goldbug1 is correct in highlighting it's threat to LC.
tabraham
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@goldbug1, What chance do you think there is that segwit2x will actually get turned down? It seems to me there's plenty of business weight behind it. I'm not endorsing segwit2x with that comment, just sharing my view in hopes you may like to elaborate more with your own? :-)
Box1515
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@Tradepl, fwiw I don't believe the November fork will have any bearing on LTC's price outside of the usual price action that accompanies these BTC forks. LTC has already positioned itself in the market and its fees and transaction times will still trump BTC. The transactions will remain slower simply because all tech being relatively equal, more people use BTC and thus there is more network traffic. LTC's fees are already virtually non-existent and BTC's will begin rising after they are lowered because that is the nature of BTC's design. Also, to my knowledge, LTC is currently the only coin besides BTC that is a accepted at a number of brick-and-mortar shops and available via ATM. LTC is also one of only 2 coins that Coinbase currently offers and they are THE source for retail American investors to get into crypto and the only exchange in the US I am aware of that is FDIC insured.
goldbug1
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@Box1515, Yes but once they open their wallets to BCH things may change. Not much but it is in competition with ltc