We’ve seen Bitcoin (BTC) rewards equal, but this is nothing compared to what Litcoin (LTC) pulled out in the last few months. For those who believe in buying rumors and selling news, Litecoin (LTC) has been the best investment since the beginning of the year.
The LTC / USD rose from $ 22 and is currently trading around $ 140. Investors, who bought around the temporary bottom in December, 2018 had made a return more than six times on their investments in just a few months! All this looks good after looking, but the fact of the matter is that no one expects this rally. Those who have been bullish over the long term believe that it may take some time for the price to rise again and those in the downward trend expect a cat bounce followed by further downside.
Needless to say, this rally surprised most traders, be they bulls or bulls. The price is now halfway to its highest level and Bitcoin (BTC) is halfway up near its all-time high of $ 20,000. This comes at a time when Litcoin (LTC) is about to hold its second half event expected in August 2019.
The way it works is that every time an encrypted currency passes by half, mining rewards are halved to double Mine that particular cryptocurrency. Through simple supply and demand, the price of the encoded currency should rise. However, there is fishing this time. Since late 2018, many people’s eyes have focused on the second half of the upcoming Litecoin (LTC) cycle. The purchase of FOMO has overtaken LTC / USD Bitcoin (BTC) at times, and it seems as though Litecoin (LTC) and Bitcoin (BTC) were not releasing shots.
FOMO is now so far that we have not seen a significant rebound as LTC / USD continues its trajectory. If Bitcoin (BTC) rises, it is reasonable to expect a rise in Litecoin (LTC) at the moment but let’s talk about the movement of Litecoin (LTC) against Bitcoin (BTC) now. The weekly chart for LTC / BTC shows that Litecoin (LTC) has been in a steady rise against Bitcoin (BTC) since the beginning of the year. However, after April fell for five weeks. Since then it has started to rise and is now continuously rising for four weeks.
This may seem bullish on the surface, but if we examine the weekly chart closely, it is clear that the LTC / BTC is not only about to form a double top but will also test the 61.8% Fibonacci correction level from its highest level ever. . This means that the LTC / BTC has a very high probability of starting the next bearish trend in the next few weeks. So, in my opinion, FOMO has already been half priced, and in the next few months, we are likely to see Littecoin (LTC) change their hands as whales get rid of very enthusiastic retailers who are hoping to litecoin (LTC) missiles to the moon after half.
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