Yes, that is the advice I have for market participants involved in Litecoin trading. Litecoin is currently at a juncture where if it begins its upward climb, it can give high returns; but if it falls, then there is a roughly 25 percent downside. Remember my September price target – $2.000?
Trading at $2.790, Litecoin is trying to limit its losses, however, it cannot help much since the Bitcoin markets are under tremendous pressure. Bitcoin is now at $230, but if it closes below $220 on a weekly basis, then a major collapse will ensue which will adversely affect Litecoin as well.
Below are the latest technical considerations taken from the daily LTC-USD price chart, and to be fair, they only present a mixed, inconclusive picture.
Litecoin Chart Structure – Analyzing the chart does not provide helpful clues since Litecoin hasn’t really moved since the beginning of this week. It remains much muted and awaits a signal from Bitcoin markets for the future course of action.
Moving Averages – The 20-day simple moving average of $2.8383 is capping the gains