Cryptocurrencies

Litecoin Rips Through 120 Sets Sights on 170???

So litecoin is outperforming the other big caps in recent days and has made an aggressive push higher.  The move is getting a bit extended but that doesn’t mean it’s about to end.  So where can it go?

Extended but extending

To be honest., I was hesitant to get long at 115 the other day because when I look at the weekly chart price looks a bit extended.  On the daily chart it looked fine though, well until now where it also looks extended.

The reason I say extended is because it has pulled far away from the 10 day moving average (blue line).  The thing is it can stay extended for some time.  I hate to chase and I won’t initiate a long at this moment, luckily I can hold what I already have for the long term and not FOMO since price could keep going.

Upside and Downside

Upside is that big prior peak in the 170-175 area.  Downside is 115-120.  Funny part is when you look at is that way the risk/reward isn’t all that bad.   I suppose it is atleast decent odds to gamble on, but like I said I don’t chase.

I will say that buy side action being strong up into the halvening could  certainly be a thing since everyone talks about how that even it a bullish one…..self fulfilling prophecy maybe?

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