Litecoin' is quickly losing market cap and for two simple reasons. MARKETING and Lack of Direction!!!
Before I get all the comments on how great the coin is, how Charlie is a genius and has big things planned for 2018", let me inject what my grandfather would tell me when I would tell him that I had big plans to do something. "Son the Highway to Hell is paved with Good Intentions". This is how I feel about Litecoin'. All the potential, a genius at the helm, and in lieu of marketing, and a lack of direction, professionalism and outright childish tweets, they are quickly about to drop from the top 10 in market cap! You mean IOTA might pass them? YEP and I bet you don't see that tweet other than from maybe Roger Ver! IOTA' does not even have a working product! Those few days at #2 were as short lived as krispy kreme donuts at a weight watchers meeting. Two weeks later, barely hanging on to #9, and by a thread.
In fairness, the area they are in is cash transactions and this is going to be a dog eat dog space. I'm not sure Charlie is up for it. Roger has come out firing and is getting recognition whether you like it or not, and is positioning BCH' to be the coin for every day use. Hate all you want, and I do not care about number of transactions, Roger is serious and the market has currently decided which is better. Like those Linux guys that are now responding from MSFT' Windows. But there is Hope. Dash and or XRP do not make it to Coinbase ;). Just joking. A CATALYST! Litecoin needs a website makeover and a good marketing plan. I do not want to hear, they are working on it, I want results!
This is a longer term 2 day chart. Now the trend line is well defined with a beautiful trend line. I mean its just what we like to see. Though we had a nice rally we have pulled back to the 0.618 retracement around $145, recovered, appear to be consolidating into a nice trend channel. I love channels! My favorite trade and a low risk one at that. So if you are new to trading this is setting up nicely.
So I intend on trading out of the Darvas box by adding a position with a swing trade target of $375. At that point we will see how the market reacts. In the long term we have a $760 target level, however, we will have to monitor for any changes. This is not a buy here sell here trade. All we need to set the dominos in motion is a catalyst. Maybe we get a new website, maybe Charlie announces a partnership with Target. That would be huge for both! Bottom line we need a catalyst. Otherwise step by step LTC' will drop in market cap and more importantly market share. The trend does not have to continue up. We are not in Kansas anymore! Coinbase is adding and LTC' may be a has been like Yahoo!
Bình luận
⋅
I see a lot of comments on facebook and even amazon. #1 if facebook was to accept payments it would provably be through coinbase and it would accept all digital currencies that were available on the platform. why would they limit themselves to just litecoin? They do not care about litecoin holders they care about facebook share holders. PERIOD! #2 amazon has a partnership with JPM Chase so I doubt they will be accepting cryptos anytime soon unless its JP's himself.
Bình luận
⋅
Well we needed a catalyst and Charlie Delivered. A clear breakout of the trend channel but I missed it. Before diving into and scooping up a bunch of LTC I searched to see what was the "Catalyst" for this move. "My Vision For SegWit And Lightning Networks On Litecoin And Bitcoin" by Charlie Lee. This is what LTC coin holders needed! Am I buying here. I think I will let the market absorb the news, as this would be an impulse buy and I do not want to buy on Impulse, especially with a short term target of $315-$330. I will be patient and let the herd run its course. Especially seeing a 1200 coin order on coinbase spoofing the market to the upside forcing buyers into the sell zone. I will wait to a pullback to a safer buy area in the $250-$275 area. We could easily retest the trend an channel. Could I miss out? Sure but the chance of going straight to $375 without consolidating are slim as I do not see the news being that huge. This is not an Amazon moment. This is an upgrade, and I am not sold on the lightning network anyways. But that is not what matters, its what the market thinks. Patience is key to not being schooled into the sell zone.
Bình luận
⋅
LOL I guess that was in addition to another tweet. Gosh it said Jan 6th 2017 and its 2018. Still tooo early. Thank you archiechoe for pointing that out!. Regardless a nice move and either way the trade is still valid on that type of momentum. Not buying here though.
I see more and more impatience in these markets. If a coin isn't jumping up 30% everyday people are dropping it by the wayside, doesn't bode well for the market long term. I've owned LTC and ETH as core positions for the last year and both have performed amazingly well. Like a lot of traders, LTC is the coin I use for transferring between exchanges because of the speed and lower cost which is why it still has one of the largest trading volumes. The coin is being used, which is more than I can say for most others out there. Long term I still backing LTC as a good part of my portfolio.
knadkicker
⋅
@max69, I agree, people need to quit crying about Tron and Ripple. P and D classic. Litecoin is actually doing exactly what its supposed to do, Be a tradable currency, and last time I checked, that's exactly what it's doing. Buy some Shitcoins and lose everything in the end. Does any one actually believe Cardano is worth 26 billion? I wouldn't take that bet with your money. You are spot on! They all average out over the long-term. It's like fishing with dynamite. Take your pick and wait.
dant021
⋅
@max69, 100% agree. I myself use LTC to transfer from exchange to exchange. I don't have a bunch of people I know actively trading alt coins, but the few I do know use LTC to liquidate and moves funds around. Whether this use is enough to propel it higher, only time will tell.
goldbug1
⋅
@max69, Agree, but as others obtain market share and become more well known, marketing will be a key, and DASH is doing a good job. Once they hit coinbase its game on!
Regera
⋅
I'd like to say a few things about Charlie Lee's selloff because as a consultant for 10+ years in financial services, I know a thing or two about why he did it (and why he didn't give the real reason). I'll begin by giving credit to his own PR acumen or that of his PR team because his reason for selling off appeared to be for honor and principal. While that may be true here's the real reason IMO: Tax breaks. Charitable foundations are perfect for wealthy people who own investments/property with low cost basis and would incur sizeable tax liabilities if the portfolio was to be liquidated. By selling/donating an asset to a charitable foundation, the taxes are negated by the charitable deduction and the original owner of the asset gets to maintain control (and can direct the investment of foundation assets), enjoy creditor protections and now has a tax advantaged structure to pay himself, family members, friends, etc. salaries, deduct foundation related expenses and so on and so forth. Why would he not disclose this? Because he'd look like an elitist douchebag that the cryptocommunity despises. Mark my words, many of these crypto millionaire/billionaires who are USA based will use some sort of charitable foundation/trust because the IRS won't dare to challenge charitable entities (and politicians/elitists need loopholes to avoid paying taxes themselves). Check out the number of these organizations with overhead costs and "perks" that they give themselves that exceed the actual charitable work/contributions that they claim they actually do (i.e. Clinton Foundation). So if you want to hate on Charlie Lee because he's trying to catch up to Trump's Twitter game, so be it. I personally believe despite all the noise he's one of the more trusted figureheads in the crypto space and he likely sold out LTC near the top, moved it to a charitable organization, and repurchased LTC during this correction under the charitable org's investment directive. It would look really bad if he "dumped" LTC and LTC went to ashes and I'm confident he'll still work very hard to keep LTC in the hunt.
@Regera, The charitable organization scam is the biggest and saddest part of modern financial and political systems. Legal tax shelters for the richest of the rich under the guise of helping poor people, or starving kids or whatever. They protect their money in a way none of the serfs can and make themselves look like they are doing charitable work. It makes me sick. Why can't I classify my family as a charitable organization? At least 100% of donations and contributions would go to them? Obviously because I am not important/rich enough to do so. To sum things up if your don't have more money than you need then you must pay a far higher tax rate or go to jail. But make enough and you will pay very little tax and be put on a pedestal and never go to jail. America, the land of the free? and home of the slave.
Regera
⋅
XRP, TRX, ADA, etc. have increased in ways that defy sense or logic and we knows what happens to what goes up... They'll get dumped and likely into BTC, LTC and ETH. We've seen it all before. Market manipulators decide what the next big thing is and jump starts it at the bottom. Then all the lemmings pour ridiculous amounts of money into it (*cough <20k BTC> cough* until its dumped for the next "big" thing. Rinse and repeat. Right now BTC is an expensive, slow platform. ETH is without its issues and is flirting with an ATH. Enter LTC. Anyone who moves money between exchanges knows LTC is the fastest, cheapest and most widely accepted among all. LTC will shadow BTC for now but one good headline in the news and it'll double or more. Just finished my analysis on LTC and looking at the 120 candles, LTC is poised for a HUGE breakout in the near future.
Regera
⋅
I'd also like to add that I'm harvesting alt profits and putting them into LTC. It WILL double or triple this year and outperform BTC (especialy with futures contracts). When it does, alts will be available at discount and I'll have 2-3x the capital for alt reentries. For anyone who had alts during BTC's bull run from 8k to 20k, 90-95% of alts got SLAUGHTERED because of the BTC pairing value and in this space that's all that matters (for now anyways). It cost me a lot of money to learn that lesson so with that said, best wishes and happy new year everyone.
JohnnyChainsaws
⋅
@Regera, You speak from the perspective of someone who is entrenched in the crypto world. What makes sense to you doesn't mean anything to the common person who is not involved in this arena and only know about BTC.