Crypto Analysis Report 1-20-19…Litecoin Is At A Critical Level

Crypto Analysis Report 1-20-19…Litecoin Is At A Critical Level
January 20 19:03 2019

Charlie Lee aka Satoshi Lite and the creator of Litecoin sold his stake in Litecoin in 2017 due to a conflict of interests.  But was it a conflict of interests or did he see what many didn’t see.  Charlie did say that he had lived through the DotCom bubble and that Bitcoin’s dramatic rise looked similar due to all the hype.

2018 was a terrible year for Litecoin, but what coin didn’t have a terrible year.  Litecoin once traded north of $300, but fell during the bear market.  I honest didn’t see Litecoin returning to sub $30, but that’s what happen.

Nevertheless, Litecoin is at a critical level. I’m a supply and demand trader, but would be foolish to ignore support and resistance line.  Although I trade supply and demand zone, price loves to leave and return to major support and resistance lines.

The level to pay close attention to on Litecoin is the $30 level. Not only is this a psychological round number, but price is attracted to this level going back all the way to May 2017.

So if price breaks below $30, the pivot low at $22 must hold. If price breaks above $30, the next test will be the daily supply at $44.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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rollandthomas
rollandthomas

I'm a retail investor like most of you and learning everyday, but I have been educated and trained to identified the Smart Money on the charts to pick up whatever crumbs they leave behind.

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