Nothing to do with the Taylor Swift song. Just a good old structure breakdown for Litecoin. Price really must hold here, otherwise a retest of the long term horizontal support near $22 seems likely. Not a long post. Just wanted to provide an update on this chart. This can occur even if Bitcoin merely tests something like $48k.
One reason I still follow LTC is that it’s actually more actively used than Bitcoin, to an extent. It’s cheaper to send and it’s got more functionality, albeit not much brand recognition. The fact that it’s performed so terribly is a broader indicator for the massive bearish divergence within the crypto market: value does not follow utility. Bitcoin’s actual usage is very much divorced from its current price.
This tells me from a logical standpoint, that Bitcoin price is likely to come way down at some point. But as we know, markets will stay illogical and irrational. Despite there being no fundamental reason for Bitcoin’s value, it can simply remain valuable. Let me be clear when I make this statement: If Bitcoin disappeared from the Earth, not much would change at all about society. We’d barely feel it. Once this is no longer the case, I’d admit I’m wrong 🙂
This is entirely speculative, and meant for entertainment purposes, not financial advice.
-Victor Cobra