GOOD AFTERNOON STEEMIT! x2
This is a follow up from last night's crypto CHART ART double shot which you can see below:
CHART ART: STEEM BLOODBATH
What a wordsmith LOL!
Anyway, in the midst of this broader crypto bloodbath, there has been one alt that has held up beauttttifullyyyy! - LITECOIN!
But why?
Well not having a crypto, techie background is a bit of a limitation for me so on my general trading related Steemit travels, I came across this excellent post on Why Litecoin is the only 'Safe Haven' During this Scaling Civil War. This bit stood out to me:
Litecoin on the other hand has already solved the problem that Bitcoin is currently struggling with. Litecoin already has Segwit. Litecoin already has the Lightning network.
Litecoin is pretty much the post Aug 1st Bitcoin Today!
This sums things up pretty well for me, but my question remains: What are the risks of Litecoin being just a crypto 'risk on play' at the moment, and as soon as Bitcoin starts rallying, we see LTC sell off?
If anyone can answer this for me in the comments, that would be great!
LTC/USD
But damn, the charts look good.
Daily trend line support still in tact? CHECK!
Daily horizontal support zone still in tact? CHECK!
Daily:
After that daily support level held, as always we look for short term resistance to turn into support, to give us an opportunity to buy off.
Hourly:
Short term resistance turned support? CHECK!
I love markets :)
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