LTCUSD (Litecoin) – Week 15 – Consolidation followed by upside
BTCS Inc., a digital asset and blockchain technology based company, has named Litecoin founder Charlie Lee as the newest independent member of the Board of Directors.
On the Swiss SIX exchange, asset manager CoinShares has unveiled a new physically backed litecoin (LTC, +2.52% ) exchange-traded product (ETP). According to an announcement made Tuesday, each unit of the ETP will be backed by 0.20 LTC and will trade under the ticker LITE. The annual base fee for the product is 1.5 percent. Following the release of ETPs backed by BTC (+4.24%) and ETH (+4.14%) in January and February, respectively, this is CoinShares' third such product launch in 2021.
Technically, Litecoin reached the resistance area on April 6th at $245 USD and then the price had a sharp rejection that dropped the price to $210 USD. Now the price structure is forming a consolidation pattern and we will probably see one more down move (red arrow) before continuing to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
On the Swiss SIX exchange, asset manager CoinShares has unveiled a new physically backed litecoin (LTC, +2.52% ) exchange-traded product (ETP). According to an announcement made Tuesday, each unit of the ETP will be backed by 0.20 LTC and will trade under the ticker LITE. The annual base fee for the product is 1.5 percent. Following the release of ETPs backed by BTC (+4.24%) and ETH (+4.14%) in January and February, respectively, this is CoinShares' third such product launch in 2021.
Technically, Litecoin reached the resistance area on April 6th at $245 USD and then the price had a sharp rejection that dropped the price to $210 USD. Now the price structure is forming a consolidation pattern and we will probably see one more down move (red arrow) before continuing to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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