Hi All,
I'm new here on steemit... so forgive me as I work through my first substantial post. I'm wirting about this topic because i haven't seen too many consolidated posts like this. Please let me know if you like or hate what I have pulled together here.
I am a bit new to all of this, so I am interested in any useful feedback or tips from those more experienced.
All of those who pay attention to cryptocurrency should be used to wild swings, but I have to believe that those don't happen without a reason.
It seems we had quite a bit of exuberence this week in litecoin, establishing new all time highs of approx 54 USD and challenging the all time high in CNY exceeding the 380 CNY mark if not beating the June 20 highs on 4 July... a day with incredible volume in Litecoin.
Is this just exuberence for cryptos that got directed to Litecoin, due to bitcoin uncertainty surrounding the upcoming UASF BIP148 and the current hammering of Ethereum? Could it be interest in litecoion was spurred on by the "MIT announcement" (http://litecoin.mit.edu/ ) which may itself be a fake:
Is this the next "MIT Blackjack team" at work (http://www.imdb.com/title/tt0478087/) ??pump and dump??
Or was it more related to the Litecoin "meetup" in Wuhan referenced by Charlie Lee http://mp.weixin.qq.com/s/qAA9DubWejUx5pmlPJh_4g
http://news.8btc.com/charlie-lee-creator-of-litecoin-goes-to-wuhan-on-july-2-to-thank-miners-and-mining-pools-for-supporting-segwit-on-litecoin
My personal bias is with the China influence... as a lion's share of volume in Litecoin is in Asia:
Perhaps more interesting is where is the support for the current pullback, will it hold around 44 USD/300 CNY as it appears just as of this writing or will we break the entire run-up of the week and sink back towards 34.45 USD/245 CNY circa June 27?
Overall, I retain strong optimism for litecoin as do others: https://themerkle.com/litecoin-reaches-new-all-time-high-of-us56-as-competitors-lose-momentum/ because the fundamentals are good (lighting network, Segwit, limited supply, proven blockchain). Another important point for me (as a speculative investment is that the link to Asian markets (for me) is a nice hedge to so many other financial holdings controlled by "western economics")... but at what price to buy more??
What do you think?
What is the view of litecoin in Asia, especially with the possible east/west "war" in Bitcoin?
Can Litecoin recover the 1:20 approx ratio to bitcoin from a few years ago when the market cap of both was a fraction of today?
Is there a 3 digit (USD) Litecoin this year? I am interested in all your feedback...
Almost bought LTC at 35, not a fun time watching it get to 54 without pulling the trigger
I got in at 25 USD, the again at 35, then again at 40 lol.
Welcome to Steemit @Dylan.schickel :) Nice post, i will follow your account, please follow me ...
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Undoubtedly YES... and probably to all questions...lol! LTC will push 200 usd before the end of the year
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STOPI like LTC. Bought 8 coins at 35 and I've enjoyed the ride. Seems pretty solid, and I think when it's US numbers start to match Asia's, it will take off to a new level. Maybe 80-100 (USD) by September.
welcome to steemit and nice to meet you. im pretty new here as well, all the best for us both. Followed :)
Thanks for all the comments and upvotes. Seems I was lucky (or my analysis pretty good) as the post was almost perfectly aligned to the local bottom. Overnight, it bounced and is back up at resistance near 343CNY/48.50 USD. To the poster who commented on the USD/CNY prices matching, I hadn't calculated that before now, but that resistance has a ratio of 7.07 which is about 4% different than the exchange rate of 6.8. I will start to track this and show a plot in a few days to see if there is divergence that happens or a concordance. From that we might make conclusions about the effect of whales or market manipulation in 1 market vs the other.
Also, does anyone else see a "cup" forming on the 1 hr charts? If so, let's watch for that handle...
UPDATE -- while I was typing the post, it may have broken the resistance... if so... looks to be back to the top... we will see. Stay tuned.
Welcome and Thank You for being with us!! Following your Blog now
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