Typically, bitcoin & ethereum & litecoin price action is very similar and it sync but over the past few days bitcoin has been reacting more strongly with upward market movements. Larger volume has been coming in & price action has been showing greater percentage returns against USD. On the other side of things, Litecoin today has been showing greater percentage losses in the downward move compared to ETH and BTC. However, this move is also on mediocre volume which could present an opportunity to enter a long position for litecoin vs btc to position for the next upward movement in the crypto market. Looking to enter at the 0.0166 BTC level with stop loss below the last low and take half profit before the most recent high. Key factors going for this trade are:
-price action of litecoin
-volume
-price action of alt coins in general
Key risks include:
-positive news released in relation to btc which leads to price surge
-btc confidence increases and price action moves much greater than ltc
-price action of litecoin
-volume
-price action of alt coins in general
Key risks include:
-positive news released in relation to btc which leads to price surge
-btc confidence increases and price action moves much greater than ltc