Hi everyone!
Litecoin is performing extremely well in this uncertain market: will it be an indicator for reversal or simply a lucky outlier?
Let's look together the possibilities!
First, I'd love to clarify that LTC is now at the same price it had when BTC broke the 6000$ level and suffered almost a 50% loss.
Now bitcoin has difficulty to stay permanently over 4000$ while LTC is in this really clear uptrend move with healthy volume.
But will it last?
At this stage, we don't suggest a buy as, looking at technicals there are 4 big resistance to face in the short term:
the first one is the uptrend channel and then the previous HH that LTC did in October.
There is literally no motivation for LTC to break all the resistance and start being bullish again.
However, if in these days BTC breaks the 4400$ strong resistance, we suppose that even the 3rd resistance could be tested and broken.
By the way, a good move would be short now (and close if BTC turns out to be strongly bullish) and rebuy at the bottom of the channel.
A safer move is to exit all the positions and wait for BTC moves.
We repeat now that it should be impossible for LTC to break those resistances without BTC moving significantly, also because the fundamentals on LTC are not incredibly bullish.
Let's discuss about LTC future in the comments!
Yours
BFCMInvest
Litecoin is performing extremely well in this uncertain market: will it be an indicator for reversal or simply a lucky outlier?
Let's look together the possibilities!
First, I'd love to clarify that LTC is now at the same price it had when BTC broke the 6000$ level and suffered almost a 50% loss.
Now bitcoin has difficulty to stay permanently over 4000$ while LTC is in this really clear uptrend move with healthy volume.
But will it last?
At this stage, we don't suggest a buy as, looking at technicals there are 4 big resistance to face in the short term:
the first one is the uptrend channel and then the previous HH that LTC did in October.
There is literally no motivation for LTC to break all the resistance and start being bullish again.
However, if in these days BTC breaks the 4400$ strong resistance, we suppose that even the 3rd resistance could be tested and broken.
By the way, a good move would be short now (and close if BTC turns out to be strongly bullish) and rebuy at the bottom of the channel.
A safer move is to exit all the positions and wait for BTC moves.
We repeat now that it should be impossible for LTC to break those resistances without BTC moving significantly, also because the fundamentals on LTC are not incredibly bullish.
Let's discuss about LTC future in the comments!
Yours
BFCMInvest
