Litecoin Daily Update - March 8th 2022
There were only a few notable changes on the LTC network over the last twenty four hours. What was most interesting is that LTC value sent on-chain over the last 24h nearly doubled on LTC while has decreased on BTC & ETH. This is a notable bullish divergence which could suggest accumulation.
Another interesting finding is that LTC/BTC may be setting up for a reversal as the Tom Demark Sequential indicator is two weeks away from a 9-13-9 Buy Set-up.
This is just a potential path for LTC over the next couple of weeks, and not intended to be predictive.
I've also discussed how Bitcoin double bottom patterns seem to be repeating themselves every cycle as shown below:
This is just a quick sketch and this pattern does not have to play out this way, but it is worth noting because we've had similar moves in the past after double bottoms.
Fundamentals are what we need to be thinking of first and foremost when making investing decisions because they dictate the longer term trend. And I'd like to remind everyone that there are potential bullish catalysts in the world we're fast approaching. The two main reasons BTC and LTC are valuable is to avoid censorship and inflation tax. These two weapons of governments are being implemented more than they ever have in the past, so if there is a time for these cryptocurrency networks to shine, it is now.
This doesn't mean that they are guaranteed to succeed because the government does have tools at its disposable to fight against the proliferation of cryptocurrency like BTC and LTC. Those tools are regulation, including outright bans or harsh KYC and reporting requirements which may deter usage as the value prop becomes eroded on white market crypto srevices.
This is going to get very interesting over these next months and years as crypto becomes demanded by the populace and simultaneously attacked by our overlords. Who will win this fight is TBD.
Be prepared. Get your coins off exchanges. And, learn how to maintain privacy. We discuss these concepts every Wednesday night on @LTCUnderground's twitter spaces at 9:00 EST, so come join us.