Litecoin is having a major event in a few days known as "Halving".
How this works is that the rewards miners receive from mining Litecoin will be cut in half.
The hype is that Litecoin will go up due to this event, but we do not agree...
Based on experience, each time a halving event takes place the price tends to drop. So we are very likely to see LTCUSD prices move lower... "Buy the rumor, sell the news".
The daily and weekly charts support this view:
We are looking at bearish indicators.
Bearish chart.
Everything bearish so far.
When the halving comes prices tend to increase way before the actual event... Here you can see Litecoin (LTCBTC/LTCU19) moving up before the halving, to later start falling down...
We believe Litecoin (LTCUSD) will be moving lower once the halving comes rather than higher...
The reason for this is that whales (exchanges) will sell all of their coins and start collecting new coins at lower prices to sell years ahead when the prices are high...
The halving is expected to happen on the 5th of August 2019.
What's your take on the halving effect on Litecoin (LTCUSD)?
Share your thoughts in the comments section below.
Namaste.
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Litecoin Halving 2019 (Additional details)
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We had an initial bounce as expected, we ought to see LTCUSD go a bit higher again and then retrace, but it surely depends on the daily close.
If LTCUSD closes below EMA10, it is likely to follow our above scenario. Below it and LTCUSD it is most likely to continue lower.
We believe it will drop after the halving.
On the weekly time frame, LTCUSD can move higher if it can hold the current prices and move up from here, close above EMA100 and move up.
While it can go lower if it breaks and closes below EMA50... Here is the chart:
The ascending channel has been broken.
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The halving didn't do much for Litecoin's price... It is all hype, but it will move up after going down...
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Here we showed that the halving event doesn't necessarily mean that a pair's price is going to go up, instead, each time this event takes place prices moved down.
We saw LTCBTC and LTCUSD prices move lower before, during and after the halving... This is common in the crypto sphere and happens all of the time.
Next time you see the "halving hype", you know that the prices won't go high. Instead they will move lower and only after the retrace it can start to move up.
This will happen next to Bitcoin next year, expect the halving hype and people start to buy, when the halving date comes, then the whales sell and drop the price...
Litecoin’s last halving back in August 2015 saw the coin peaking in early July of that year, going on to lose almost 50% in value by the time of the block rewards reduction and then and hitting a 75% in the halving’s aftermath.
Allow me to add the chart of the 2015 LTC halving.
As someone said on TV (can't remember who) "This boat has sailed".