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LiteCoin (LTC/USD) Analysis October 23, 2017

on Oct 20, 2017
Updated: Sep 19, 2019
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Litecoin went sideways for most of the session on Friday, but turned around to show strength. We broke above the $60 level, and it looks as if we are testing the resistance region that extends to the $62 level. Crypto currencies in general continue to look healthy, as we are starting to see some buying pressure in the market. If we can break above the $62 level, then the market should go much higher, perhaps reaching to the $65 level next. That’s a large, round, psychologically significant number, but given enough time I don’t see why we wouldn’t be able to break above there. The $58 level continues to be supportive, so break down below there would be negative, perhaps sending the market back towards the $55 level underneath which has been supportive. The 20 SMA on the Bollinger Bands continues to try to turn higher, and once it does that should bring in more momentum.

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Buying dips

 

The market continues to buy dips, and therefore I think it’s only a matter of time before we reach higher. I think we will eventually look at the $62 level as support, as the buyers become more aggressive. The last couple of hours during European trading on Friday was particularly aggressive, so I think we are going to see the Americans continue to buy. While I do expect a bit of noise above, I think that we will see the buyers prevail, as the $70 level was a recent high, and I think that many of the traders out there will be looking to “dollar cost average” into the Litecoin market.

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