Litecoin price did very little during the session on Tuesday, as we hang about the $62 level.
I see a significant amount of support at the $60 handle though, so I think that short-term pullbacks should be buying opportunities. I believe that as long as the market can stay above that level, there will be interesting going long.
The $65 level above has been offering resistance, but after the recent impulsive move to the upside, it makes sense that the market should continue to go to the upside.
With this being the case, I don’t have any interest in shorting, and quite frankly I feel that if we break down below the $60 handle, it’s very likely that we will start to see massive amounts of support near the $55 level underneath. With this in mind, this is a “buy only” market just waiting to happen. I think that given enough time we should see buyers coming back into play as there is a significant amount of interest in this currency.
“Risk off” market
Keep in mind that the markets are very skittish with North Korea coming into the focus, as well as the hurricane in the United States. Because of this, several markets are acting in a somewhat “risk off” manner, and that might skew where the crypto currencies go.
Longer-term, we still have plenty of demand for crypto currencies, so pullbacks should be thought of as buying opportunities as the US dollar may gain occasionally as money floods into US treasuries. Ultimately, the longer-term trend is what you should be following, and if you can keep from over leveraging your position, you should be able to take advantage of the longer-term move.
I currently have a target of $75, but recognize it’s going to take some time to get there.