Litecoin and Bitcoin technical analysis
I have been holding
I have made an investment into Litecoin in late May and it's already been great. Price at that time was around 0.011 BTC and $23. I expected that the launch of the Lighting network on May 31st would break the bear era and we would enter the bull market. Needless to say, that didn't happen! I had to wait for almost three weeks for price to spike - and it almost doubled. But I'm still bullish so I'm holding!
Bullish signs all over the place
LTC/BTC daily has and still is showing great signs, now in shape of symmetrical triangle with the target upwards. Estimated target area is around 0.029 BTC and the dollar price of course would be depending on the Bitcoin price. It's very hard to call the timing in this volatile environment, but I would say it's around three weeks.
Does Bitcoin look good?
Daily chart of BTC/USD is showing similar kind of triangle, only I'm not so sure if it is looking up. With no strong support nowhere near and resistances right above, I am afraid it could be going down even more. But this is not a certainty yet, because the market still looks neutral and we are waiting for the signs of the bull or the bear.
SegWit
Charts can't say as much about the Bitcoin price as the scaling debate that's been going on for a while now. And there is no clarity where it is going to take us. SegWit2x is set on the path to start activation on July 21st with only some of the biggest economic nodes supporting it. While the majority of the users and Bitcoin Core are still against SegWit2x and going trough with USAF (user activated soft-fork) on August 1st.
Personally I support USAF with BIP148 and I have a strong belief that Bitcoin Core is representing, what the users want. And that the best possible solutions are most likely to come from there.
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Uncertainty with the upcoming fork for Bitcoin is causing a ton of hesitation to invest in it so it certainly looks like we're going to fall below $2000 for the foreseeable future
With that said, Litecoin is certainly not looking Bear :) In fact it's holding up incredibly well thus far and could very well be the coin that Bitcoin lovers go to because it's just far more manageable from a governance standpoint.
Agreed on everything, except that Bitcoin lovers going to move to any altcoin, at least not permanently. Maybe just for the time, while Bitmain still has the money to throw away to promote SegWit2x and big blocks. But my guess is that we are going to dodge a permanent fork on the chain, with SegWit activated, and everyone will be back in Bitcoin before you know it!
I certainly hope we avoid a fork. Issue is that the signaling for Segwit is still not at the level required. News articles are bleeding red with warnings which are turning investors away so quickly for the time being. It's sad to see this situation, but we just have to be patient... sigh Too much drama for an investment vehicle.