LiteCoin (LTC/USD) Analysis October 26, 2017

Litecoin drifted a bit lower after initially trying to rally during the session on Wednesday, showing $56 to be reasonably resistive. By pulling back from that level, the market looks as if it’s probably going to go looking towards the $53 region again for support. Recently, we seem crypto currency selloff a bit and most of this is probably due to the US dollar strengthening in general. After all, it is the back half of the equation in these pairs, and therefore if it strengthens it tends to be negative for the crypto currency. However, longer-term I still believe there is plenty of support underneath, and I think that the $52 level is the beginning of significant support that extends down to the $50 handle. That’s an area that should be massively supportive based upon the large, round, psychologically significant number, and of course longer-term charts.

Waiting for the bounce

I’m waiting for some type of bounce in this market to take advantage of this pair being said she. In fact, this is a market that I believe is one that you must look for value in, as you should in all crypto currency pairs. Given enough time, I think we will not only reach towards the $56 level, and then the $60 level after that. Longer-term, I still believe in the validity of an uptrend in the Litecoin markets, and therefore I think that the low prices that we are starting to approach should be buying opportunities and I am more than willing to add to the position as we break above various minor resistance levels above. By adding slowly, you should be able to build up a larger position to take larger profit over the long run.