Litecoin shot much higher during the day on Friday, as we continue to see plenty of bullish pressure overall.
We reached as high as the $48 level, and then started to consolidate a bit. I believe that we may see a nice buying opportunity, but we probably need to pull back to find enough value to attract more people into the market. I think the most obvious level is the $45 level, as it was resistance in the past.
That being said, I also believe that it is somewhat of a “zone”, as we often see. That zone extends to the $46 handle, so I’m waiting to see some type of supportive candle after a pullback to get long of this market yet again. The $45 level should be massively supportive at this point, so I think that given enough time the buyers will return.
Being patient will pay
Looking at this market, I think that being patient will pay. Think of value coming into the market at lower levels, as we have already seen the inclination of traders.
There is the possibility of “paying up” at the $48 level, and if you are working with a long enough timeline, then that might be feasible.
However, I truly believe that the market will give us a cheaper price to buy from. Because of this, I’m willing to be patient with this type of move. Impulsivity of the move is a very good sign though, and I’m the first to admit that there’s only one way to trade this market, and that’s to buy it.
In fact, I have no interest in shorting this market until we break down below the $42 level, which seems to be very difficult. In fact, I’m not even looking for a selling opportunity anytime soon, and I believe that we will continue to see the LTC/USD pair gain in value.
Longer-term, I anticipate that we will reach towards the $50 level.