Edited with imarkup

1.- The name of the token and introduction of the project. Technical background of the project and team in charge of the project. In which Exchange or exchange can be negotiated.

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The coin I traded on today is the Litecoin. Some important statistics and fundamental data relating to the coin can be seen below:-

Factors	Statistics
Litecoin Price	$123.61
Price Change (24h)	-$1.20
24h Low / 24h High	$122.38 /$127.29
Trading Volume (24h)	$850,944,281.96
Volume / Market Cap	0.09898
Market Dominance	0.43%
Market Rank	#20
Market Cap	$8,597,514,234.81
Fully Diluted Market Cap	$10,328,469,690.60

Name And Introduction Of Project/Token:-

Litecoin (LTC) is a blockchain be used digital store of value or cryptocurrency which was made to enable low-cost secure and fast processing of payments with the use of some important peculiar properties of the underlying blockchain technology on which it is developed.

Although the protocol of the Bitcoin was used as a basis in creating the cryptocurrency it should be noted that the hashing algorithm, the block transaction times and the hard cap of LTC as well as some other factors are quite different from that of the BTC. The block time of the coin is about two and a half minutes and it has very low fees incurred on transaction. Consequently, it can function very well as a mode of POS or point of service payments and good for micro-transactions.

The coin was introduced on the 7th of October 2011 through GitHub which is an open source client and it went live on the 13th of October 2011. For the most of its availability and existence it had been among the top ten cryptos by market cap but currently resides on the 20th position as indicated on coinmarketcap. Charlie Lee who used to be an employee in Google created the coin as an anticipated Bitcoin lite version.

Traded Exchanges:-

The coin is available and can be purchased or traded on more than 100 different cryptocurrency exchanges which include:-

• Binance
• Coinbase Exchange
• FTX
• Huobi Global
• Bybit
• KuCoin
• Gate.io
• Bitstamp
• Bitfinex
• Gemini

On these different exchanges it comes as different pairs. Equally, it is available on several futures markets on most exchanges where it can also be purchased.

Project Team/Technical Background:-

The coin was created by Charlie Lee who had adopted cryptocurrencies quite early. He is highly regarded in the cryptocurrency industry and had started mining bitcoin very early whilst being a computer scientist and a software engineer who had worked with Google. From 2015 to 2017 he was the engineering director at coinbase.

Currently, he is a staunch cryptocurrency advocate as well as the Litecoin Foundation managing director. The foundation is a non-profit organisation that has been cooperating with the Litecoin core development Team with the aim and objective of advancing the Litecoin Network.

Other members on the board of directors include Zing Yang, Alan Austin and Xinxi Wang.

Objective Of The Token:-

It was created as a token that would be cost-effective and come with tremendous speed to improve global transactions that require just a few minutes for their confirmation. By January 2021 it had been adopted by more than 2,000 merchants as well as global retail or store outlets as a mode of payment.

2.- Why are you bullish on this token today?

For today I am not being bullish on the coin. This means that I am not going to be taking a bullish position. However, looking at the chart below you will discover that the price is actually in a noticeable uptrend.

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This can be noticed in the chart above. However, coming down to lower time frames like the 5-minute time frame you will discover that the price seems to have gotten to a point of resistance and is now going back to retest the support level from where it had broken off earlier. Consequently, although there is a major uptrend, I decided to short the market to benefit from this downwards retest movement.

3.- How to analyze the token for an operation? You must compulsorily use methods and analysis learned in the Crypto Academy.

In today's analysis I am going to be relying on the Market Structure Break (MSB) strategy for trading cryptocurrencies. With this particular method I would identify the market structure and wait for a possible break of the structure to take my entry. However, before taking an entry I always wait for a retest of the broken level. Hence, I obviously made use of two strategies: the MSB as well as Break Retest Break (BRB) strategy.

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The image above is the 3 hour price action. On this 3-hour you will discover that generally the market seems to be in an overall downtrend that has lasted in the crypto market for months now. However, for the past few days there is an ongoing uptrend that seems to be moving upwards to retest a previous swing high of the overall downtrend.

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Moving closer on the 5-minute time frame reveals that in the major upwards retracement of the general crypto downward trend the price seems to have gotten to a point of resistance at around 127 and was now headed downwards to retest a support level which was around 120.

Also, the price seems to be at a short-term support which now constitutes the neckline of the price action. Hopefully, the price would break below this neckline as it seems to be going for retest of the major support level at around 120. My trading strategy is based on trading to profit between the break of the market structure (neckline) and exiting at the major support.

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In the one minute time frame the market eventually broke below the neckline represented by the horizontal line. The price then come back to retest the level from where it had broken out earlier. I waited for the retest to return from the broken neckline and eventually break below the swing low of the initial breakout. I took my sell entry at this second break.

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I set my stop loss at above the wreck of the market structure and set my take profit at the upcoming support. My running profit after some time is shown below:-

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From the image that is shown below you will discover that when the price quoted a support level the RSI indicated oversold conditions and this made me close the trade.

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• The details of my trade history is shown below

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4. Do you want to keep it for a long time? Or when to sell it?

Actually, I didn't purchase the Litecoin token. I only had to short the litecoin market on Binance Futures considering the fact that I have been able to analyse the crypto chart and discovered that the price was set to plunge into a major bearish retracement or even a possible reversal of the already existing uptrend.

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As for when I will sell it or when I would be closing my open short position I would consider the upcoming support level or price floor as my potential area of profit. At this support level there is the likelihood that the price will bounce back and continue upwards or it could actually break below it. The image above indicates the support level where I intend to close my position and these are calls around 121.6.

However, since Litecoin is a potentially great investment anybody who wishes to buy a lot of it and add to his portfolio should not consider it a bad idea.

5.- Do you recommend that all people buy it? The reasons for recommending or not recommending it.

Litecoin is a potentially great investment window and has gained tremendous traction globally in the processing of payments. Although cryptocurrencies are generally still in their level of adoption and are currently being debated globally to consider their safety in usage, it is good to think that once cryptos are accepted or passes through this current phase of acceptability test, then Litecoin should perform quite tremendously well by increasing in value and demand.

Some of the major reasons why it is a good investment opportunity and why I would actually recommend everybody to buy especially now that cryptos have gone down remarkably include:-

• Litecoin is a cryptocurrency that works in processing transactions much faster than Bitcoin itself. Interestingly, third parties are not needed when transactions are to be carried out between people

• Litecoin is a large market capitalization venture or coin. This feature acts as a strong cushion against too much volatility that may not be helpful for the coin especially as a mode of payment.

• The coin is very liquid and this is a very important factor that must be considered when investment that we made into any cryptocurrency especially when looking for short term trades or investments that should come with quick profits

• The coin has very experienced team of experts and developers and can be seen as a very serious project that comes from a major developer that had previously worked at Coinbase and Google with a lot of blockchain experience

• It has been adopted by different large corporations like Ultimate Fighting Champion (UFC), Overstock.com and Arari ( a gaming giant) who now admit their customers and clients to pay with Litecoins

These reasons and a lot more inform my decision to adopt Litecoin as a good investment plan that people should consider buying now that the markets seem to be recovering.

6.- Any other important information of the token/project.

Litecoin is quite unique because it has often been described as the second most popular when pure cryptocurrencies are to be considered, coming only behind Bitcoin. The major benefit attributed to it is its ability to reduce cost and increase speed tremendously making it an alternative to Bitcoin especially for developing countries where microtransactions are important.

It launched the Mimblewimble testnet in 2020 and this protocol encourages highly confidential transactions thereby bringing an additional security layer and feature to the Litecoin Network. This equally comes with a high level of flexibility, fungibility and privacy for the network. This can be seen as a great bonus that would enhance its adoption.

CONCLUSION

For today's trading activity I made use of one very interesting legacy cryptocurrency network which is the Litecoin network. Actually, there is an ongoing major uptrend. However, I actually short the market because the price seemed to be coming down to retest a support level that had turned into resistance after being broken severally.

The Litecoin network is a great project because it gives its users the ability to process transactions in a cost-effective manner. Also, it has a lot of features that increase speed while also maintaining a high level of privacy, security and dependency due to its adoption of the Mimblewimble protocol.