Litecoin Trading- LTC/USD Technical Analysis, Sept 4: Litecoin breaks the trend, jumps even as BTC flat
Litecoin (LTC) has bucked the trend in more than one way. For the first time in a long time, it has experienced a meaningful rise without the help from Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC).
Since hitting a 2-week low of $4.60 on BTC-e 48h ago, LTC has jumped by as much as 12.5%, reaching 5-day high of $5.18 minutes ago. It is now trading at $5.18. This, despite BTC's largely flat activity during the same period.
During the past 6 months, LTC has almost always followed BTC loyally on the way down but has often done its own thing when BTC rises. Their divergence is observed in the LTC/BTC price, which fell as low as 0.008 after trading near 0.03 earlier this year.
Today, it has jumped back up above 0.01 to 0.0108, the highest level in a week.
LTC/USD has also bucked the trend in reversing out of what appeared to be an inescapable cycle of decline. It adhered strongly to a 30% offset for its 50-day moving average (MA), making the prospect of a return to new lows more likely. With the MA still declining as it plays catch-up with recent losses, today's sharp rise means the gap has quickly narrowed to 20%. While a narrowing is mathematically inevitable at some point during a lengthy decline, this is a big jump.
Possibly contributing the rise was Cheapair adding Litecoin as a payment option. It's certainly not out of the woods by any stretch. LTC will have to undergo a thorough bottoming process clearly defying recent patterns in order to signal a true recovery.
Litecoin (LTC) has bucked the trend in more than one way. For the first time in a long time, it has experienced a meaningful rise without the help from Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC).
Since hitting a 2-week low of $4.60 on BTC-e 48h ago, LTC has jumped by as much as 12.5%, reaching 5-day high of $5.18 minutes ago. It is now trading at $5.18. This, despite BTC's largely flat activity during the same period.
During the past 6 months, LTC has almost always followed BTC loyally on the way down but has often done its own thing when BTC rises. Their divergence is observed in the LTC/BTC price, which fell as low as 0.008 after trading near 0.03 earlier this year.
Today, it has jumped back up above 0.01 to 0.0108, the highest level in a week.
LTC/USD has also bucked the trend in reversing out of what appeared to be an inescapable cycle of decline. It adhered strongly to a 30% offset for its 50-day moving average (MA), making the prospect of a return to new lows more likely. With the MA still declining as it plays catch-up with recent losses, today's sharp rise means the gap has quickly narrowed to 20%. While a narrowing is mathematically inevitable at some point during a lengthy decline, this is a big jump.
Possibly contributing the rise was Cheapair adding Litecoin as a payment option. It's certainly not out of the woods by any stretch. LTC will have to undergo a thorough bottoming process clearly defying recent patterns in order to signal a true recovery.