Steve Wozniak is challenging the blockchain community to build products that draw value while Charlie Lee is urging for Litecoin adoption. Depending on your interpretation, both are essential and should there be value then Litecoin must be used to settle payment. In the meantime though, sellers are in charge and our prior Litecoin (LTC) trade plan is solid as bears aim for $50.
Perhaps this incessant, investment draining bear market should be a leeway for investors, speculators and enthusiasts to reflect and even make use of what they are speculating on. This is exactly what Charlie Lee thinks and in his view, he’s advocating for mass adoption of Litecoin through Lite.im. Lite.im is a SMS-based service that allows users to transfer funds internationally without the need of central authority. Other than sending and receiving funds via SMS, users can view their coin balances and check incoming public addresses at their convenience straight from their mobile phones.
Talking of adoption and Apple co-founder Steve Wozniak is serious about meeting with blockchain figure heads. It must be noted that Steve Wozniak is among the first investors in the technology and Apple being one of his flagship projects, he is now challenging blockchain leaders and platforms to come up with innovative products that brings real value to users and investors. He is expected to deliver a speech during the Crypto Invest Summit scheduled on Oct 23, at Los Angeles.
If we paste a simple Fibonacci retracement tool between 2017 high lows then we realize that Litecoin sellers have wiped out more than 85 percent of value after peaking at $420 mid-December 2017.
It’s really a tall order for buyers to make a comeback because more often than not, Fibonacci trading rules dictates that typical reversals should happen anywhere between the 50 percent and the 78.6 percent retracement level.
Well, prices are below the 78.6 percent mark and at this rate we might see LTC sellers reversing 2017 gains. There are two reasons for this assertions: first we can check the rate of depreciation and secondly, LTC sell momentum is so strong that in less than three months two key support levels at $110 and $70 were broken with ease.
As a matter of fact, the 20 percent week over week losses are pointers of sentiment and general trend direction.
Thanks to Aug 8 depreciation and the six percent loss in the last 24 hours, LTC prices are now trending below our $20 trade range and $70 main support line.
Now, since our Litecoin (LTC) trade plan conditions have been met and the third phase of the general bear break out pattern that was set rolling after that break below $110 is live, we suggest shorting on every high with first targets at $50.
It’s a long shot but should there be a spike of buy pressure thrusting prices back to $70 or even $90, then we shall cancel this sell projection and wait for conclusive close above $90 before buying on dips.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.