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?