LiteCoin (LTC/USD) Analysis September 22, 2017

on Sep 21, 2017
Updated: Sep 19, 2019

Litecoin price has been very quiet over the last several sessions, showing strength by simply moving sideways. Remember, the Chinese have recently done everything they can to ban Bitcoin in their country, and this sent the cryptocurrency markets reeling.

Litecoin of course sold off like the other crypto currencies, but over the last 6 sessions has gone sideways. The $50 level seems to be supportive, and I believe that it extends down to at least the $48 level below.

Ultimately, I believe that the market is trying to build up larger positions, and that the longer we can stay relatively flat, the more comfortable people will be with the idea of owning Litecoin. I believe that Litecoin is going to continue to perform quite well, but keep in mind that there is going to be volatility occasionally.

Crypto currency traders have been remarkably resilient, and because of that I think it is probably only a matter of time before the buyers return.

Massive support below

I believe that there is massive support below, extending down to at least the $45 level. If we can break above the $58 level, I think that the market is free to go looking towards the $70 level again.

Longer-term, I believe this does of course happen, and if these last couple of quiet sessions have been exactly what the market needs, a confidence building exercise. I have no interest in shorting Litecoin, least not at the moment. I think that the market will continue to find plenty of buyers, and although we have seen a massive breakdown recently, the fact that we bounced the way we did tells me that there is still plenty of interest in this market.

Given enough time, I expect the uptrend to reassert itself and make Litecoin a strong market again.