Litecoin struggled to gain footing during the day on Thursday, as we continue to see a significant volatility in the markets overall. It looks as if the $62 level is going to continue to cause quite a bit of resistance, and having said that I think it is only a matter of time before the buyers get involved and break above there though. Once we do, that should free this market to go to the $65 handle, and then perhaps even higher than that. The $70 level would be my next target, and I don’t have any interest in shorting as we have seen so much in the way of bullish pressure as of late. I believe that the $54 level underneath is massive support, and therefore I would be surprised if we break down below that level. In the meantime, I believe that adding to a position for a longer-term strategy to the upside is probably what most traders are doing.
Building a position
A break above the $62 level is assigned to start adding, perhaps a little bit more aggressively. Once we break above the $65 level, I will then double what I had to my position. I think that we will see a bit of volatility, but as you can see, the 20 simple moving average has turned upwards, a sign that the buyers are starting to gain the upper hand again. Longer-term, I think Litecoin will be one of the larger gainers in the crypto currency space, as it is one of the most popular markets.
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