Congressman Warren Davidson has made famous the word “Shitcoin” when he mentioned it during the questioning of Meltem Demirors about Coinshares. He was asking her to explain the benefits of an immutable ledger when he said
“You know, a lot of people in this space will use the phrase
I think you may be familiar with: there’s bitcoin and then there’s shitcoin. Are you familiar with that phrase and what people might mean by that?”
But we, At Ditto, are going to show you who is the originator of this term: Charlie Lee, also Litecoin Creator.
There will be at most 21 million bitcoins in existence. There isn't even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. 🥅
Once you have 1 BTC, buy all the shitcoins you want! 😂 pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC⚡] (@SatoshiLite) July 17, 2018
So, now that everybody knows who created this term, let’s do our analysis on the three most promising shitcoins today!
Shitcoin Technical Analysis
Litecoin has the honour of being the first shitcoin to analyse. That is for three reasons: One, as we said earlier, Charlie Lee, its creator, is also the creator of the term. Two, it’s the most bullish of the top coins, with more than 20% increase in valuation in the last 30 hours. Three, it will be halving in less than 30 days. If you want to know about this event, please click here.
We see that Litecoin (LTCUSD) has breached the descending channel with a very decisive candlestick and, after some hours of consolidation, it has created two new bullish candlesticks. The price is above $93, which acted as a resistance level and is making higher lows – a definition of a bullish trend. Also, the indicators at the bottom of the chart show bullishness.
Ethereum shows a similar price action to Litecoin. Right now we see that the price has crossed the descending channel to the upside and also the $222 resistance level. The volume shown in this breakout is high, confirming this action. Also, the indicators (MACD and CCI) are bullish, while the Stochastics still points in the bullish direction as well.
For the Bitcoin Cash, we are going to analyse first its price action. Above we present a daily chart. We see that there was a large red candle four days ago. then a green candle that touched its 200-day Simple Moving Average and bounced to close quite bullishly. The next day though, a red candlestick appeared, but this one wasn’t making lower lows nor higher highs. It was an inside candle, or bar. The next day it created a small-bodied bar, which means a trading range. Finally, today’s candle broke that range to the upside and is moving bullishly.
Also, the MACD histogram (bars) show it is turning bullish. The same happens with the CCI, an indicator which shows bullishness when it moves to the upper side. Finally, the Stochastics indicator tells that this Shitcoin has been very oversold. That is a good recipe for a bullish movement. The potential target will be its previous top level: $520.