Just a quick update here on this nice 4th of July afternoon as Litecoin (LTC) is breaking out of some nice consolidation it formed during the early morning hours. Litecoin is on a rage this past 36 hours ever since it bottomed out at previous $39 resistance. It was sitting around $44 - $46 for roughly one week. It then formed a steady downward channel to $38.75 per litecoin (low hit about 36 hours ago). Since then, LTC has shot up in a momentously strong upward channel. It hit a high of roughly $53.85 on the GDAX exchange this morning, roughly 2 hours ago.
BUY AT $50 SUPPORT / or BUY ABOVE $52 resistance breakout
I would highly recommend buying anywhere at $49.5 support, or above the $52 breakout (for long term hold). I'm quite confident LTC will hold above the $49.0 / $50.00 support range. Anything below $48.5 on LTC should likely trigger profit taking and cause a quick sell of to the $44 - $46 range.
Given this, if LTC falls below $48.5, look to be given a solid discount and buy back in at $44. This trade would likely get you in on the bottom of the dip.
In summary:
LITECOIN is in an overall LONG TERM, STRONG Bullish trend.
3 Possible trades for LTC:
Buy targets:
Buy @ $52 resistance break, sell at $55
Buy @ $49.5 support, sell at $52 resistance
Buy @ $44 support, sell at $48.5 resistance.
(Personally, I think buying at $49.5 support - if it hits there - and then selling at $52 resistance would be the ideal trade)
Good luck and let me know what you guys think!
Great insight thanks for sharing. LTC is my coin of choice right now!
following you now. great chart.
ETH seems to be the hype coin for today
Good points in this blog. I fully understand what you're talking about. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. Personally I always use: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Go to: https://www.coincheckup.com/coins/Litecoin#analysis For a complete Litecoin Analysis.