Litecoin Trading- LTC/USD Technical Analysis, Sept 29: LTC getting off easy

Litecoin (LTC) has also been caught in today's downdraft that has sent Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) down to new 2014 lows. But unlike typical behavior during periods of heavy selling, it has actually outperformed BTC.

While BTC is down by 8%, LTC is off by only 5%. Most other coins are actually positive.

Viewed differently, BTC is setting new 2014 lows (during stable trading conditions), while LTC still remains well above its low of $3.91. It is currently trading at $4.15 on BTC-e.

Hence, LTC/BTC has climbed to 0.0113, challenging 2-week highs. The last time LTC traded at $4.15, BTC was trading at $392.

In general, it has followed BTC's pattern during the past week. A spike of 20% upon the PayPal news, followed by gradual withdrawal to pre-PayPal levels. In LTC's case, however, it has gone no further, heeding the $4 mark that had provided loyal support prior to the spike.

With the achievement of keeping its head above $4 for virtually all of September, LTC has passively caught up with its 50-day moving average (MA), which has finally slipped below $5 as it still absorbs August's heavy losses. During the spike, LTC even came within 6% of this mark. It is now 15% off.

A sharp downturn in bitcoin, however, may bring a return of selling back to LTC. Should the $4 support break, LTC may once again amplify BTC's losses.