Litecoin was branded bitcoin silver for whatever reason. It was a fork from bitcoin that implemented segwit. So why do we need another fork for segwit2x? I have no idea, it appears litecoin already resolved this issue and bitcoin cash addressed the scaling and fee issues which is more inline with the Satoshi's white paper. This does not seem to be in the best interest of the investors and appears to be more of a power grab in the mining world. I mean seriously this is going to be the 3rd fork in 3 months? And are we really getting anything better from it? Are we going to keep forking until people just say "screw this I'm going with Ethereum and Dash! I'm not so sure but I can tell you from knowing merchants that accept cryptos, they mostly accept Bitcoin , Dash and Ethereum . Ok I'm sure there are a lot of others that accept other coins, but these are the ones I see and it takes redoing their code for merchant services to accept a new coin. Keep this in mind.
Let's first look at the split of BTG' BCH' BCT' and B2X . To be honest from bitcoin gold's own website, in my opinion BitcoinCash is the better of all 4. https://btcgpu.org/
So is this a backlash at Charlie Lee and Litecoin? I have no idea, but if B2X goes through it will be in direct competition with litecoin and vertcoin. Well we know that not every coin will survive as miners will look to mine the ones that are most profitable. So which one will it be? BitcoinCash and Dash in my opinion will be the 2 winners if B2X forks along with Ethereum . So I am going to be cautious on trading LTC in the near future.
For the long term however, it is still only one of 3 coins on coinbase and for this reason I like Litecoin. Now most of us have added in the $50 range or had the opportunity. We even got an opportunity in the $40 range recently, so I'm not so sure I want to cost average a potential loser here, but I do like a deal.
The chart is quite clear, investors are not sure where litecoin is going, but over the past week or so we have continued a downward trend after a nice run up that fell short of numerous TA targets. Aughghgh (this is why you monitor trades and do not put them on autodrive). But here we are getting close to where I would feel safe adding to my core position. Now if you haven't added I think $48-$52 is a good zone to add. Limited downside in the event Seg2x has an impact on Litecoin. However the safer place is down in the lower channel between $40-44. I think this provides a level of safety in the event something fundamentally happens in the next couple months, and we can cut our losses pretty quick.
Keep in mind trading in this environment is risky regardless of how nice a setup looks. Markets are rotating. You are best sitting on the sidelines waiting for the 3rd wave to happen in an overall bull market where everyone makes money, instead of trying to guess if we are still in a correction or started wave 1. This is the time to look for deals and that's what we are doing!