LiteCoin (LTC/USD) Analysis August 15, 2017

Litecoin continues to look very choppy in general, but did find a bit of support during the day on Monday, and most importantly: at the psychologically important $45 level.

By doing so, it looks likely that the market will bounce enough to send this pair to the upside, perhaps the $47.50 level. The market continues to see plenty of bullish pressure underneath, and I believe that the buyers are looking at these pullbacks as short-term buying opportunities.

Ultimately, if we can break above the $47.50 level, the market should be free to go to the psychologically important $50 handle above there. I believe that the bullish pressure will continue, because quite frankly crypto currencies in general look like they are enjoying a bit of bullish pressure again.

Buying dips

I continue to buy dips in small portions, and I believe that the market will eventually reach the aforementioned $50 handle. I also believe that we break above there and that the recent pullback from that area was probably more psychological in nature than structural. This means that it should only take a couple of attempts to clear that level, and go much higher.

Once we do, I suspect that this market will continue to find buyers above the $50 handle as well, as it will convince more people of its viability. I don’t have any interest in shorting this market, and less we break down below the $43.50 level, which should then send the market hunting for the $40 handle under that, but for me I still believe that the buyers are firmly in control.

Quite frankly, the last several sessions have been flat with a slight pullback, that generally means that traders are building up their position slowly and waiting for the next catalyst. I suspect that it’s coming sooner rather than later.