Litecoin had a relatively quiet session, initially rallying on Monday but turning around to show signs of exhaustion. When I look at the chart, save a short-term piercing, the uptrend line has been holding well since the middle of September. I think this is up an interesting trade, because I would anticipate the buyers will return on short-term pullbacks. However, if we were to break down below the $50 level, that could give way to more bearishness in a market that has been stubbornly bullish. Litecoin is one of my favorite crypto currencies overall, but markets don’t go in one direction forever. Right now though, I do like buying dips, especially if we can stay above the $55 handle. A break above the top of the range for the day, and most certainly the $60 level, would be a very bullish sign and send the market towards the $70 handle.
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I believe that this market may be more of a longer-term buy-and-hold scenario, and that eventually we will try to recapture the gains from August. That was obviously an overly impulsive move, and any time you get something like that it almost always fades as it’s possible to keep up that type of momentum for very long. Now I believe that the market is still looking for a reason to go higher, but at the same time we have the US dollar strengthening in the Forex world, so that has been a bit of a drag. Looking at the US Dollar Index, that may continue to be an issue, at least for the short term. However, I fully anticipate that the buyers will win the day.
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