LiteCoin (LTC/USD) Analysis August 7, 2017
LiteCoin rallied a bit against the US dollar during the Friday session, as the $42.50 level looks to be offering a bit of support. The market has been grinding higher, and that’s the key word here: grinding. Because of this, I think you’re going to have to be patient to realize the gains that are possible, but this also offers an excellent opportunity for those of you who fear volatility to get involved in the crypto currencies. As the market grinds higher, it should be in somewhat of a slow manner. This allows you to hang onto a position much longer. In fact, these are some of the best moves, because although there is a bit of uncomfortable action in the sense that you’re not getting profits right away, you also aren’t losing. It’s the losing the typically causes trouble.
Patience will be needed
If you can just hang onto a bullish position, I think the market will go looking towards the $44 level, and then eventually break to the $45 handle. At this point, I believe that a long position being initiated here is perfectly fine, but I would add just a little bit at $44, and then add even more at 45 as the market should pick up value at that point. I believe that the $41 level underneath is offering a bit of a “floor” in the market, so pullbacks are okay as long as we don’t break down below that level. Once we do, things could start to fall apart a bit but right now it appears to me that the LTC/USD pair should remain an opportunity for longer-term buyers to get involved. Don’t expect quick profits, but quite frankly I do expect profits over the longer term. My target now is $50, but could go higher than that depending on how we behave above $45.