LTCUSD (Litecoin) – Week 28 – Bearish pressure

The number of Litecoin transactions is slightly under 75% of the number of Bitcoin transactions, according to data gathered by @MASTERBTCLTC. More significantly, @MASTERBTCLTC suggests this could be the start of an uptrend leading to a flippening in transaction count sometime this year. Even though Litecoin is a Bitcoin fork, it differs in terms of its hashing algorithm, supply, and block transaction times. Litecoin has a 2.5-minute block confirmation time versus 10 minutes for Bitcoin. This focus on speed and low transaction fees makes it more suitable for microtransactions and point of sale payments.

From a technical perspective, LTC made a new low in June, then a corrective move to the upside that stays below the big orange trendline marked on the chart. We give a higher probability for a continuation to the downside if the price stays below this trendline. If the price breaks the trendline and consolidates above we may see a new move to the upside. We advise caution, the price may swing up-down many times without giving us a clear direction.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.