Litecoin initially went sideways, but then broke down significantly, reaching towards the $49 level. We found enough support there to turn around and reach towards the $54 level. The parabolic move is a very bullish sign, and I think that the Litecoin markets will continue to show extreme bullish pressure, and pullbacks now should offer plenty of buying opportunities. Litecoin has seen a resurgence over the last several days, and we have almost completely wiped out the meltdown from Monday. With that being the case, it’s likely that we will continue to see buyers going forward, and a break above the $55 level will release this market to go much higher. Litecoin has generally been stronger than many of the other crypto currencies, so as a result I like buying this market above many other alternatives.
Buying dips on short-term pullbacks will continue to be the way going forward, and I believe that the $50 level underneath should be a bit of a floor in the market, and given enough time I believe that the buyers will return time and time again. Longer-term, I’m expecting a move towards the $60 handle, but after the explosive move that we have had, it makes sense that we may need to grind back and forth to pick up momentum. The explosive move shows just how much underlying desire there is to own Litecoin, as it is one of the major currencies in the digital world.
All of this being said, I would be looking for a pullback so that I can find value. After this type of move, it’s difficult to chase the trade at these high levels. However, Litecoin is one of the markets I will be paying close attention to, and have this chart of, checking the moves every hour.