John Carvalho recently conducted an interview with Charlie Lee, the Founder of Litecoin on his Youtube channel called ‘Bitcoin Error Log’.
John mostly concentrated on topics related to both Bitcoin and Litecoin and the recent changes which are occurring in both the platforms.
Some of the points which Charlie mentioned, in the beginning, was about the place of Litecoin in the blockchain ecosystem. According to him, Litecoin can be considered as complementary Bitcoin and that they are aiming to implement better payment methods. Bitcoin concentrates more on storing the values and he thinks that both the firms can work side by side.
Both the coins act separately and he believes that Litecoin is helping in the improvement of the ecosystem in multiple ways and that he does not want to be detrimental about Bitcoin.
Cheaper fees and faster transactions are the two best features of Litecoin. He mentioned that Litecoin will always be cheaper than Bitcoin because of its larger capacity.
He was also asked about the Litecoin Foundation further. The Litecoin Foundation was formed last year and is run by Charlie Lee who is the current Managing Director along with three other Directors. They hired developers to improve the functioning of Litecoin and make it more user-friendly. They are presently working on Litecoin’s core reference client and on increasing Litecoin network by introducing new marketing techniques.
During the chat, he described the entire issue regarding LitePay scandal. He stated that the initial idea behind introducing LitePay was to make payment methods easier for its users by using a consumer credit card facility. The firm had invested $50,000 for the same. But the LitePay team failed to deliver the project and they noticed that the team did not have the potential to execute the project. Later, LitePay team sold their assets and checked out.
Regarding Abra’s involvement with Litecoin, he said that the firm decided to migrate from Bitcoin’s smart contracts to Litecoin’s network due to the higher trading rates.
While comparing Litecoin and Bitcoin Cash, he said that both the technologies are almost the same except that all the Bitcoin holders will have Bitcoin Cash by default due to which the BCH supporters are more. He also mentioned that the security for Bitcoin Cash is very low because it shares the same hashing function as Bitcoin, making it more exposed to hacks.
Charlie believes that the price variation of any coin is only due to the market rates and the underlying technology should not be responsible for the same.
Towards the end of the session, he stated that Fungibility is the main feature which all the transactions that involve money are lacking. He says that we can expect ‘bulletproof and confidential transactions’ to be implemented based on the Lightning Network within a year.
And finally, he mentioned some of the reasons why somebody should hold or buy Litecoin; It provides much value and one can use their money without being censored and the transactions can be done quickly and effectively.
Johnny T, a cryptocurrency enthusiast tweeted:“Charlie great interview! When will confidential transactions be added to litecoin? Also will that be enabled by default? ”
Another Twitterati says:“@SatoshiLite I use #litecoin bitcoin as my store of values, my investments, my daily transactions. Personally I’m more comfortable with #litecoin. I tend to believe in you and litecoin more then I do bitcoin and the longterm future I see better with ltc how does that make u feel?”
Coty Cech, a Litecoin supporter says:“Awesome interview, tone is hella monotonous lol but questions were quite detailed and relevant. Big supporter of Litecoin, I’m glad you had Charlie on “
Litecoin (LTC/USD) forecast and analysis on February 22, 2020
Cryptocurrency Litecoin (LTC/USD) is trading at 72.67. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on February 22, 2020
As part of the Litecoin exchange rate forecast, a test level of 74.90 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 65.70. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 80.00.
Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 81.20. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on February 22, 2020 implies a test level of 74.90. Further, it is expected to continue falling to the area below the level of 65.70. The conservative sales area is located is near the area of 80.00. The cancellation of the option of falling cryptocurrency will be a breakdown of the level of 81.20. In this case, we should expect continued growth.
Litecoin Price Analysis: LTC/USD cannot break $69-66 or it will be punished heavily
- Litecoin price is trading in positive territory by 6.30% in the session on Friday.
- LTC/USD has caught some near-term respite, but the bias remains to the downside.
- Upside appears to be very much limited, with near-term rallies being sold.
LTC/USD weekly chart
The price is at risk of a trend reversal, following a weekly evening star closure last week. LTC is heading for a close below this, which would be a bearish signal.
LTC/USD daily chart
Critical demand seen at the $69-66 price range, failure to hold would be punishing.
Spot rate: 73.69
Relative change: +6.30%
|Today last price||73.6915|
|Today Daily Change||4.1378|
|Today Daily Change %||5.95|
|Today daily open||69.5537|
|Previous Daily High||72.3451|
|Previous Daily Low||66.0609|
|Previous Weekly High||84.4232|
|Previous Weekly Low||72.4372|
|Previous Monthly High||70.0854|
|Previous Monthly Low||38.7677|
|Daily Fibonacci 38.2%||68.4615|
|Daily Fibonacci 61.8%||69.9445|
|Daily Pivot Point S1||66.2947|
|Daily Pivot Point S2||63.0357|
|Daily Pivot Point S3||60.0106|
|Daily Pivot Point R1||72.5789|
|Daily Pivot Point R2||75.6041|
|Daily Pivot Point R3||78.8631|
Litecoin News Today – Has the Elliott Wave Formation Ended for LTC/USD?Litecoin (LTC) Price Today –
- Litecoin LTC price is 3.69% lower today
- The market sentiment remains weak for digital assets
- The Elliott Wave formation has been completed
Litecoin news today – The price of LTC took a slight drop on the day after a successful few days of trade. Recall that the overall market sentiment was held by a thread in recent days and today it remains weak. Hence the decline in the price of Litecoin. Per CoinMarketCap data at the opening of trade today the price of LTC was 3.69% down over the last 24-hours. Now it is looking like the Elliott wave formation has been completed for LTC/USD. Let’s see more about Litecoin’s price action below.
Litecoin LTC Price Completed a 5-wave Pattern
A close look at the daily chart for LTC/USD shows that the trading pair completed a 5-wave pattern in the last few hours of trade. Now it is beginning to look like the red ABC consolidation trendline is coming to an end as well. The charts show the A-B wave trendline stopped just close to the 61.8% Fib retracement position via the last wave. And now it is looking like the C wave is been projected to complete a move towards the $62.00 and $63.80 areas for LTC. LTC is down due to the overall poor sentiment of the digital asset market. Whether this trend will extend further than today or not remains to be seen.
Litecoin (LTC) Price Today – LTC / USD
As it stands going by the current shape of things, it looks like the price of LTC is stalling at its 50% Fibo retracement level which could be the bottom position of the C wave. However, this is slightly an uncommon situation for the digital asset. The low price point for the LTC/USD pair has also coincided with the 1.27% Fib extension position of the B wave.
Litecoin LTC Price Could Test $65
The price of Litecoin has been posting gains since the beginning of the year since the coin’s price broke above its long term resistance position that began in June last year. This recovery has remained in the confines of the ascending channel for the trading pair. This ascending channel support is now protected once mode meaning, there is still a possibility that the coin. may undergo a reversal will towards the $100 price mark. This price formation of the golden cross will likely bring another bullish season despite the slight correction that the price of LTC endured recently from its yearly high of $84. All in all, LTC will remain bullish for the time being despite a slight drop in the last 24-hours