Litecoin Price -Analysis-2020

Litecoin Price -Analysis-2020

Litecoin Price -Analysis-2020
Add capLitecoin Price -Analysis-2020tion

let's take a look at some charts from

this week's article on the litecoin for

brave new coin so a lot of people like

to compare litecoin to Bitcoin in

various aspects because litecoin is

essentially bitcoins cousin it's a

carbon copy of Bitcoin except for the

fact that it's four times bigger in many

ways so it's four times bigger as far as

the expected end supply circulating

supply it's four times quicker as far as

the block times are concerned and it

already had it's having on August 7th

2019 so a lot of people pointed to

litecoin and said well this is what

could happen with BTC where it just

continued to sell off I mean I disagree

with that because mainly LTC has just

been slapped around by the rest of the

market it doesn't really have a mind of

its own it did arguably bust north

before the entire market did in February

March 2019 but other than that it very

rarely does its own thing before or

after everyone else it's generally just

together with everything so it broke up

at the end of the year with everything

else it broke down and marg with

everything else and now it's mean

reverting with everything else I talk

about this every video I talk about this

any chance I can get and some people

might think well the github commits

don't mean anything fine but when you

look at where github commits used to be

and where they are now it just makes me

a little concern that there isn't much

dev work going on now charlie lee has

addressed this multiple times saying

that it's basically one guy merging

everything from BTC unto LTC or testing

code and then merging it but there's no

commits in the master branch for that

reason okay fine as long as the LTC

buyers and holders know that going into

it that there's essentially one guy who

just merges code and there isn't

necessarily any innovation going on on

the master branch they do have a

extension block and nimble Wimble thing

in the works being tested it's actively

being developed there

currently in the testing phase of that I

think it would be a disaster because

extension blocks are basically a black

box where anything could happen in the

extension block and then it comes back

to the main chain and hopefully it syncs

up with the rules of the main chain now

they're a bunch of safeguards and yada

yada yada that go along with that but

that's a major concern I'm glad it's

happening in LTC I'm glad they're

experimenting with it it looks like it's

gonna eventually come onto the chain if

not by the end of this year probably by

q2 next year I don't think any of that

will have any effect on the price

whatsoever it's a great test net for BTC

though so I got usage interestingly

continues to push up on LTC approaching

70% not really sure why but that's good

for the chain fees are continually just

low lower than everything else that's a

one reason LTC will ever rise in price

in my opinion is because it's a spillway

for BTC and other coins so if everything

else is full from a transaction

perspective or high in fees you can buy

LTC move it quickly and be done with a

transaction you could do the same with

ripple you did the same with any of

these trash coins that really only have

a method of exchange as far as what

they're useful for looking at

transactions per day in average

transaction values have essentially been

flat since past two years any rise and

average transaction values has likely

been due to the rise in price and not

necessarily increased on chain activity

so if this were a bullish picture you'd

want to see something similar too late

to mid 2017 where Everage transaction

values went up and up and up I think

this is what I've got listed on coinbase

maybe not but every transaction values

got up and up and up transactions per

day up and up and up and right now it's

just flat this is probably a speculative

miners or speculation and miners not

necessarily economic utility I don't

know anyone off the top of my head is

like yes I must send all my transactions

on LTC

there's just no there's no benefit

really other than logo transaction fees

this is average block size and average

transaction fees so you can see fees

quite low historically back to 2017

levels block sizes at a multi-year low

suggesting that there isn't much

activity on the chain and or its scaling

really well probably combination on the

boat of both of them just because

transactions per day is super low if we

look at n VT which is an inverse metric

of economic utility the line here the

fill is daily active addresses or

monthly active addresses you can see

monthly active addresses multi-year lows

around 2017 levels not something you

want to see if you're bullish you want

to see vibrant and continuously active

on chain activity and you can see it's

just been nothing but down down down

ever since 2018 and there's again

there's no reason to use LTC unless you

really have to it's no reason to hold it

so reason to buy it there's no you know

of activity per se there's no innovation

per se so yeah I just I don't know if

there's even a community and LTC anymore

I'm sure there is because there's

diehard LTC people but this Unchained

activity just kind of says dying nothing

really going on and that's why nvt kept

rising because their if there's no

Unchained activity relative to the

market cap and the market cap keep going

keeps going up it just says it's way

overbought it's way overvalued

and on that drop on March 12th it came

right back down to the previous range so

again all this stuff says the same thing

I want on chain utility to increase I

don't want unchain utility to decrease

if I'm bullish if I want a long term

healthy chain people are talking about

it people are paying attention to it

people are excited about it there's no

proof mistake here it's just mining

talking about the mining stuff in a

second but it's a very unexcited

milquetoast sort of chain right now

here's MVR V which is another inverse

metric of on chain utility and you can

treat it as an oscillator so overbought

up here oversold down here you can see

it reached near

oversold but it did not breach 0.5 more

for more than a day which historically

has been the bye zone so buys own selves

own decisions own against sort of an

exciting it's at the lower bound of the

decision zone so you can certainly go

higher from here become super overbought

again but it's nothing that's screaming

by or anything like that

based on this signal this is hash rate

and difficulty and again the having was

in August ever since the having hit the

hash rate has dropped like 70 percent or

more it's kind of just stayed there I

had a pretty decent drop again on March

12th when my profitability probably

dropped pretty heavily at that time it's

just starting to recover as price

recovers so I expect hash wait to just

mere price unless there's something

exciting going on I don't expect any new

script Asics anytime soon

so what you have is what you get which

may be a good thing you know maybe these

just all die off you know they do have a

shelf life they don't last forever so

maybe most of these just don't exist

anymore or maybe there's script admirers

that I don't see listed here in

development secret development I don't

know but if you look at the

profitability they're all negative

except one of them that was recently

released so maybe if you are a ASIC

manufacturer you're looking to make a

script minor I just don't think there's

enough interest in them

so maybe the LTC is the first chain

where all the miners die all the Asics

diet becomes anti ASIC and it just goes

to the pure CPU GPU mining I mean that

would be super interesting long term if

nobody cares to make a script ASIC

anymore so it just is anti ASIC because

there aren't any these super interesting

alright looks like a technicals

open interest of BitFenix at the top vpv

our volume profile of the visible range

on the side here volume oscillator RSI

and 50 and 200 EMAS so you can see open

interest this pradosham mega long since

early 2019 short circuit a beautiful

long could fill a little bit on March

12th for nothing

insane I mean there was a bit of a long

squeeze there but they're still

massively long overall net long looking

at VP VR it's in this jumbly mess so

it's probably gonna continue to chop I

mean there's a lot of price history here

there's all this rise from 2017 this

2018 2019

more 2019 so there's a lot of volume

here so it's gonna consolidate it's

gonna bounce around I know expected to

break 65 anytime soon you get the 200

there it's not the 50 all those

resistance points it's gonna need it's

either gonna need to follow the market

where it just rises and falls without

any heed of the previous resistance or

some massive consolidation pattern snow

bullish or bearish divergence is an RSI

which is fine and 5200 is crossed

bearish it was briefly cross bullish and

then you know March 12th happened and

the rest of the market kind of that off

did make new yearly lows did make a

yearly low multi-year low on RSI well

says that there was a big jump in

selling exhaustion there people just got

margin called or they were fearful and

they sold or they had their stop-loss

all that stuff but on the downside I

mean there's plenty of support at that

local low know between 27 and 37

probably so this is nothing I want to

touch as a trader anytime soon it just

looks trend less sideways garbling kooky

nonsense unless there's some sort of

chart pattern that emerges or

consolidation pattern so the 50% of the

range is around 55 bucks so it's gonna

have to break 55 to get me excited about

a long term bullish continuation you'll

notice that 55 is kind of like the peak

vpv are the 200 EMA so there's a ton of

confluence for resistance here so that's

what it's got a break on the cloud

bullish above the cloud bearish below

the cloud it's just trying to mean

revert now back to 56 55 here is a LTC

BTC and again it's got this massive

overhead VPP our resistance a decent

psychological resistance you know the

pivot resistance at Donna one it's at

local Lowe's I mean I might get this

weird Adam and Eve thing and then try

for a run to 0.01 but

again it's nothing I want to buy is a

traitor it's below the 200 pull the

clouds below 50 set lows there's really

no support below the current low should

it fall further it's nice that it's been

flat for about a year but I don't really

see anything too exciting from even a

range perspective it hasn't really

tightened at all from a begun bee dance

perspective there's no triangles here

there's no patterns here other than you

know the potential Adam Eve but that's

weeks away..

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