Welcome to my Crypto Blog. Let's make some money and witness history together

Will Mimble Wimble News and Halving Keep Litecoin (LTC/USD) Afloat?

Litecoin (LTC/USD) price has been recently percolating. You can mostly attribute this to these 2 factors:

1) News about Litecoin’s partnership with Beam to implement “Mimble Wimble”, a privacy protocol:
Litecoin Foundation and Beam Partner to Explore New Protocol, LTC Price Soars 30% (Cointelegraph)
2) Halving in March: Litecoin’s Halving Is Months Away, But Traders May Already Be Pricing It In (Coindesk)

While these developments can provide some resilience for Litecoin during this crypto winter, I don’t think the market is ready to put LTC/USD on a bullish trend yet. In fact, if you look at the chart from the Coindesk article I shared about halving (shown below), we can see that it still took a while after the first Halving, before price eventually took off. It did however, provide a floor:

From: Coindesk

LTC/USD Daily Chart

Support Turned Resistance:

  • When LTC/USD price approached $50, it was approaching a previous support area between $47.50 and $50.

  • Also note that the 200-day simple moving average (SMA) was around this area.

  • So far this week, we can see that price has respected this area as resistance.

  • First came an engulfing bearish candle, followed by a brief bounce, and then another bearish engulfing candle. These candlesticks reflect price action that is turning bearish after failing to push above $50.

  • From $40, we should at least anticipate downside of about 12.5% to $35. But there is a strong possibility of falling lower especially if crypto winter continues.

  • I think the market’s recognition of the Halving could help provide support around $30. (I have been accumulating at $30 as well).

  • But if crypto winter continues and LTC/USD gets pushed below $30, we can anticipate further downside.

  • In this scenario, I would be looking to buy some around $20.

  • But remember, in early 2017, before the latest mania cycle took off, price was hanging around $4 - $5.

  • The first sticky price above the $4-$5 range - briefly from April to May 2017 - was around $10. So I am also preparing dry powder for $10.

Bitcoin (BTC/USD) - Strong Bullish Action Puts the $5000 area in Sight

Bitcoin (BTC/USD) - The Jump from $3420 to $3800 is Nothing to Get Excited About