Litecoin has been a key participant in the recovery role of the cryptocurrency market. Why?
LItecoin and Bitcoin have a serious mutual relationship, when one goes up or down the other reacts in a very similar movement. This has proven to be true multiple times now. Seeing as whenever LTC has a breakout, especially in recent times, it has assisted our friend BTC in pushing upwards to higher resistance lines.
Our new upwards trend channel is holding strong thus far. There is definitely room for it to pull back a decent amount if Bitcoin is unable to break the 12K resistance soon (Buy opportunity). This recent small breakout has aided Bitcoin in that push. Regardless of what Bitcoin is doing though, multiple indicators are pointing upwards in the short-term and long-term for LTC. Again great news not only for us who are holding but the entire cryptocurrency market, as long as this trend channel holds we should see BTC above 12K shortly, then the rockets will take off again on Litecoin and our new trargets will be to crush the significant resistance lines above.
The 'Buy Zone' is for those seeking to re-fill or buy into a good long term position. Stop losses should be set just below the significant support lines shown in my graph (Unlikely to be hit as it stands right now).
This is just an educational post. Trade Safely!
LTCUSD
LItecoin and Bitcoin have a serious mutual relationship, when one goes up or down the other reacts in a very similar movement. This has proven to be true multiple times now. Seeing as whenever LTC has a breakout, especially in recent times, it has assisted our friend BTC in pushing upwards to higher resistance lines.
Our new upwards trend channel is holding strong thus far. There is definitely room for it to pull back a decent amount if Bitcoin is unable to break the 12K resistance soon (Buy opportunity). This recent small breakout has aided Bitcoin in that push. Regardless of what Bitcoin is doing though, multiple indicators are pointing upwards in the short-term and long-term for LTC. Again great news not only for us who are holding but the entire cryptocurrency market, as long as this trend channel holds we should see BTC above 12K shortly, then the rockets will take off again on Litecoin and our new trargets will be to crush the significant resistance lines above.
The 'Buy Zone' is for those seeking to re-fill or buy into a good long term position. Stop losses should be set just below the significant support lines shown in my graph (Unlikely to be hit as it stands right now).
This is just an educational post. Trade Safely!
LTCUSD
Trade closed: target reached:
New updated version of this graph is now available.