Cryptocurrencies

Litecoin: We have Liftoff!

And there it is my friends, LTC just blasted through the 100 mark.  To think just three short months ago the coin was floating below 50.  Not a bad return for those that added, sadly I barely added any but the little that I do add I have sold off as we have moved higher.

Tone of the market has changed

After months or so would argue more than a year of feeling despair as the crypto winter blew hard the spring may very well be here.

The price action on LTC since mid-february has been positive and showed strength well before BTC started it’s recent bull run.

The question is – are we legitimately at the start of a new bull market or is this just a large rally in what was a very beat up and oversold market.

Good news is that even if we get a large pullback after the recent move the price action would still remain rather positive.

Looking at the LTC chart in this post you can see that support line marked around 75.  Price pulling back there would be completely reasonable without crushing the current tone.

Now for the upside, you can see the line drawn near 109.  That is the near-term target and represents a key level from 2018.   This current move is rather aggressive so I would expect it to stall out there if it makes it there.

Either way, nice to have the bullish action.

 

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TIMM – Daily Trends – 18-10-18 by timm