LiteCoin (LTC/USD) Analysis August 23, 2017

Litecoin continues to show resiliency after initially selling off during the Tuesday session.

The $44.50 level offered support, which is important as it is where the hourly uptrend line had been shown. By holding, it shows that there is still underlying bullish pressure, and I think that we continue to go higher. A break above the $47 level should have this market looking for the $48.50 level, and then perhaps even $50 after that.

I don’t think that it’s going to be very easy to get there, but I do think that’s exactly what happens. After all, every time this market falls it seems like there are plenty of buyers underneath. The crypto urrencies had a rough start on Tuesday, but it appears that most of them are recovering quite nicely.

Buy on the dips market

It appears that the buy on the dips mentality continues, so I don’t see the reason to change your approach. When Litecoin falls, it is simply “on sale.”

If we can break above the $50 level, then it becomes a very strong break out that turns into a “buy and hold” scenario. I don’t have any interest in selling this market, I believe that the support and interest is far too strong. In fact, I would need to see this market break down below the $43 level to even consider selling, which doesn’t look likely in the short term.

Ultimately, this is the market that I think has been the most stable, although looking at the hourly chart it’s kind of hard to imagine. We are in an up-trending channel, which everybody else in the world can see as well. Because of that, I believe that the groupthink continues to favor going long as well. Ultimately, I do believe that the $50 level gets broken.