LiteCoin bounced significantly during the day on Monday, as we have broken above the $46 level. By doing so, looks as if the market is starting to pick up bullish momentum as all crypto currency seem to be doing during the session, and this of course should have an effect of “strong tide lifts all boats.” While LiteCoin hasn’t necessarily been the strongest crypto currency, it does move with the other so therefore I believe that we will continue to see buyers enter the market. Now that we’ve cleared the $46 level, the next target should be $47 as it was the previous resistance that kept the market under wraps.
the support should be found at the $45 level as seen over the last three trading sessions. It is also the bottom of the Ballinger Bands, and that will bring in momentum as well as trend traders. I think that the market will probably feature several pullbacks on the way to the $50 level which is my longer-term target. It will take some time to get there, but given enough time makes complete sense that we would be heading towards that direction as these large numbers tend to attract a lot of attention.
If we were to find some type of significant bearishness, I believe that the $43 level would be the absolute “floor” of the market, because of the significant impulsive move that we had seen back there at the beginning of the session on the fifth. Ultimately, I believe that by adding small positions on top of the core position on short-term pullbacks, you should be able to profit significantly from the next couple of moves over the next week or so. Currently, I have no interest in selling this market, looks far too strong and resilient to do so.