Litecoin had a strong showing during the day on Friday, spiking all the way to the $92.50 level. The market has gotten a little bit ahead of itself, so it’s likely that we will see some type of pullback. Litecoin should enjoy quite a bit of support at various levels underneath, including the $85 level, the $82.50 level, and most certainly the psychologically important $80 level. I’m looking for pullbacks that show signs of support to start going long again. Given enough time, I anticipate that this market will go much higher, but I also recognize that the market may be a little bit parabolic. Parabolic markets need to pull back so that they can find enough momentum to continue the massive uptrend. Currently, I believe that the market is going to go looking for the $100 level above. That should cause enough psychological resistance to send the market back down, at least initially.
Buying dips, looking for value
So, with all that in mind, I am a buyer of dips, as I look for value in a strong uptrend like we see here in Litecoin. The US dollar is getting beat up in the Forex world, so it makes sense that Litecoin would benefit from this. I like the idea of buying at short-term pullbacks, because it gives you an opportunity to add incrementally to an already long position, and build up the position size over the longer term. This is probably the easiest way to trade a trend like this, because you are not risking too much on anyone part of the position immediately. I think if we pull back below the $80 level, the market probably goes looking for $75, which for me is even more supportive. Given enough time, I think we will break out to the upside and continue to go much higher.
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