Sometimes Litecoin has even proven to be a leading indicator for Bitcoin's price movements
Right now Litecoin is setting up for its move above the black descending trendline. The , , all show . It looks like price accumulation to me.
Once we clear our $60 price target (major area of , and ~50 Weekly ), we could begin to see some significant price moves upward.
What we want to see are prices maintain levels right around the 10 Weekly of $45
getting closer to decision time!
We broke up!
1st target: Weekly 50 day SMA at $52.5 (purple MA trend line)
2nd target: Red horizonal resistance line at $60
In my last update, we broke our descending line (bullish).
Ideally, I wanted to see us test the $80 price level and ultimately consolidate between $60-$80.
Bitcoin (driver of value) ultimately took a small poop on the market, hence litecoin broke down as well.
What I am now looking for is the dark green line ~$40 to hold (if not, it's very feasible to see a wick to ~$33.
Currently, I anticipate the $40 price level to hold, and ultimately retest the $60 level.
Unique Value I add to this space: