LiteCoin (LTC/USD) Analysis August 4, 2017
LiteCoin went sideways during the session on Thursday, after initially trying to break above the $43 level. This is an area that has offered a significant amount of resistance as of late, but I think if we clear that level, we could find ourselves going to the $44 level next, and then eventually $45 after that. I like buying this market on short-term pullbacks and believe that there is a bit of a “floor” near the $41.50 level. The jobs number comes out today in the United States, and that will have a massive effect on what happens with the US dollar. If it starts to sell off in the Forex markets, this will certainly give a lift to the LTC/USD pair.
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I believe that a break above the $45 level is necessary for the next “buy-and-hold” phase of the market, and I do expect to see that eventually. You can see that over the last several days we have attempted to break out, but simply have not had enough in the way of volume or momentum to do so. That could change today, as the Nonfarm Payroll numbers in the United States cause that much in the way of volatility when it comes to currencies. Once we break above the $45 level, I think that the $47.50 level above will be the first target, and then eventually the market will go looking towards the $50 level after that. If we did breakdown, I believe that the $40 level underneath will offer somewhat significant support, followed by the $38.50 level below there. I expect volatility today, but I still favor the upside overall when it comes to most crypto currencies, this one of course not being any different as we have seen an impulsive move on Monday, and typically those will continue.
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