LiteCoin (LTC/USD) Analysis August 2, 2017

LiteCoin continues to be a very stubborn market, as well most other crypto currencies have seen strength, the LTC/USD pair has been a bit on the stagnant side. We did get a bit of bullish pressure during the Monday session, but have since gone sideways in a market that seems to be a little bit on the cautious side. I find this interesting, as the US dollar has been absolutely pummeled by most other currencies around the world, especially the likes of the Euro and Yen. Because of this, I believe in the US dollar weakness story, a lease for the meantime. While this is typically good for crypto currencies, I find it interesting that LiteCoin can’t seem to catch a major bid.

Vital support below

I believe that there is vital support below, extending down to the $40 level. So, while longer-term I think we go higher, this might be a market that’s a little bit difficult to get your head around as it seems to be lagging some of the other crypto currencies out there. Because of this, I think that you could buy on the dips, but you must be patient. Build your position slowly, as explosive profits probably won’t be seen here until we get an overall move in the crypto currencies to the upside. Right now, it seems like we are in a consolidate of tone overall, with a slightly upward bias when it comes to crypto currencies, and unless something changes with LiteCoin specifically, I believe that this market might be a bit of a laggard when it comes to the entire sector. If we were to break down below the $39.50 level however, that would be a very bearish turn of events and could have me selling. I remain cautiously optimistic in this market.