Wednesday, March 18, 2020

LiteCoin! (LTC)

I know Crypto Currency can be a wild ride however, if you're going to invest in Crypto, LiteCoin is it.  I was going to open a position back in December when it pulled back but missed that.  The current crisis has enabled a prime buying opportunity and my target of low-30's has been triggered recently.  So I am happy to be in.


What I'm seeing now is some consolidation this week around 33 even with the massive cliff-dives the overall market has been taking.  As far as charting goes, not a bad recoil position but this is Crypto.  It does look like a potential floor may be in.  The high around 2017 was upwards of $400.  So, no, it's not a BitCoin $19,000 rise potential... yet...



Also, since Crypto Currencies are "mined" and the electricity it takes to effectively mine coin can be quite expensive to mine quickly, the drop in prices has shown a good drop in the mining of the premier coin, BitCoin.  LiteCoin algorithms are much more efficient and require much less in the way of power to mine rapidly giving it another edge to become a prime, not just a top-10 currency.


Happy Currency Trading!


No comments:

Post a Comment