LITECOIN Announcement Spikes Crypto Market With Bulls -- Sustainable?steemCreated with Sketch.

in #litecoin5 years ago

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I woke up this morning to a huge rally. I was definitely not expecting this. Naturally, I assume it's gotta be news driven in this type of market and scenario.

What happened? Well, Litecoin basically more or less announced partnership with a new organization and are working on implementing a new protocol for the currency which will add privacy features. What does this ultimately mean? Well, it means another hard fork -- ugh.

So, right now with the announcement we have a few things. For one, we have a ton of buy stops getting triggered to buy a breakout. We also have people seeing this as potential for bull market and jumping in. Also, we have a TON of people getting greedy knowing that a hard fork is on the horizon and will lead to double incomes like we saw with all of the Bitcoin forks.

The huge announcement and move has rubbed off on the rest of the crypto markets as well. Most cryptos are seeing double digit gains (or close to it) today.

So with this new announcement, is this market sustainable? Well, who knows. We've seen spikes like this before for cryptos that have then come up short. The thing is, I get the announcement today -- can it support sustained volumes though?

We will really have to see a continuation of the bull market in order to get this action sustained. Daily RSI is now overbought for LTC, so I think it's natural to see a pullback. Can we keep up this optimism though? Well, I'll let supports and volumes be the indicator. If I had to guess right now, I'd still say no. I think we'll see momentum run out, and then we'll see people profit taking which will dump the price and then cause a bigger selloff, resuming the bear trend. However, that's just my opinion as of now and what I've seen. This can all change quickly though and I may start to be a believer if we see continuation.

The shorter period charts aren't really super condusive toward a conclusion that this is a move that's for real. I think it's merely a news-driven spike. I missed the move (really no way to predict this without insider knowledge), so I don't have fomo pushing me in. I really believe this hype will likely die down quickly.

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Thanks for the update today

Thank you much!

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