Rajarshi Mitra
Independent Analyst
- LTC/USD is currently trading for $88.25 and has no significant resistance lines till $95.
- Mike Novogratz, Fortress Hedge Fund manager, criticized Litecoin saying “Litecoin is a glorified test net for bitcoin.”
LTC/USD is currently trading for $88.25 as markets opened this Saturday. The confluence detector shows that there are no significant resistance lines till $95 so expect the bulls to make some significant moves over the weekend. Despite Litecoin’s upside potential, Fortress Hedge Fund manager Mike Novogratz doesn’t seem to be a fan. He said:
“Gold has an $8.5 trillion-dollar market cap. Silver is $15 billion. That is .17 percent. Bitcoin has a $90 billion dollar market cap. Litecoin is $5.7 billion, which is only 6.4 percent of bitcoin. Silver is at least useful for industrial production. Litecoin is a glorified test net for bitcoin. I don’t get this rally. Sell Litecoin and buy bitcoin.”
Litecoin founder Charlie Lee didn’t take too kindly to his comments. He fired back:
“Litecoin is a glorified test net? Bitcoin Lightning Network makes Litecoin useless? Can’t be more wrong! High bitcoin fees? With http://boltz.exchange, just do a cross chain submarine swap from Litecoin on-chain to bitcoin. Send Litecoin to fill up your bitcoin wallet! Fast: ~2.5 minutes. Cheap: pennies in fees.”
LTC/USD Daily Confluence Detector
Strong resistance levels lie at $90.50, and $94.75. The confluences at those levels are:
- $90.50: Weekly 23.6% Fibonacci retracement level.
- $94.75: 4-hour Bollinger band upper curve and daily pivot point resistance 2.
The price is supported at $88, $86, and $84.50. The confluences at those levels are:
- $88: 15-min Bollinger band lower curve, 15-min previous low, SMA 5, hourly Bollinger band middle curve, and 4-hour previous low.
- $86: Monthly pivot point resistance 3.
- $84.50: Daily previous low and weekly 38.2% Fibonacci retracement level.
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