LiteCoin (LTC/USD) Analysis October 17, 2017

Litecoin continues to bounce around, using the $62 level as support. However, we are starting to make “lower highs”, and might be forming a bit of a descending triangle. Nonetheless, I am bullish of this market longer term and I believe that if we do break down, the $60 level will be the beginning of major support. I look at those dips as opportunities to pick up value in a market that’s obviously in an uptrend, and it’s possibly one of my favorite trades of the week, as Litecoin tends to be a bit more stable than many of the other crypto currencies that I follow. I think if we can break above the $66 level, the market will go looking for the $70 level above as well, as it was the recent highs.

Buying dips

 

After the recent rally, I think it’s probably best to buy dips, as they offer value, and the of course move with the trend. By being patient with the trend, you should eventually see the market break above the $70 level, and then go looking towards much higher levels such as the $80 handle, which of course is the next large, round, psychologically significant number. Ultimately, I think we go towards the $100 level but that’s longer-term. In the meantime, I would be very surprised to see this market break down below the $60 level for any real length of time, and I remain optimistic for the longer-term prospects. In fact, I’m willing to add every time this market dips going forward, and I’m not concerned about anything until we break down below the $56 level, which should only set up an even nicer buying opportunity closer to the $50 level underneath. In fact, I believe that Litecoin is one of the better currency pairs in the digital space for newer traders.