Hi, all.
This post is an update on our forecast for cryptocurrencies. First off, I've decided to reference the graph of Litecoin (LTCUSD) instead of Bitcoin (BTCUSD) because, at the moment, Bitcoin is moving somewhat sideways and therefore is not a reliable chart to make predictions on until its price settles. I do, however, expect Bitcoin to form a bullish setup after the market plays out. For now, however, let's focus on Litecoin.
In the graph above, we can see that Litecoin has continually followed an upward trend through a bullish channel. A sharp price drop today may confirm the existence of the pattern if the bottom purple line can hold successfully as support. That meaning, if Litecoin bounces back up in near weeks (which I expect it to), the channel exists and the price will go higher. However, if Litecoin breaks below the bottom support (which it has been flirting with), we should see some further price action down, possibly to the $42 support, possibly even the mid 30s.
For the time being, however, we cannot really determine anything. The market is too volatile. In the mid to long term, I'm going long on Litecoin, but in the short term, we must let the market play out. A drop to $42 or the mid 30s would be a nice buy-in price if the market chooses to allow it to go so low.
I expect Litecoin to reach $52 within a month.
Thanks for reading. Leave a like if you agree!
This post is an update on our forecast for cryptocurrencies. First off, I've decided to reference the graph of Litecoin (LTCUSD) instead of Bitcoin (BTCUSD) because, at the moment, Bitcoin is moving somewhat sideways and therefore is not a reliable chart to make predictions on until its price settles. I do, however, expect Bitcoin to form a bullish setup after the market plays out. For now, however, let's focus on Litecoin.
In the graph above, we can see that Litecoin has continually followed an upward trend through a bullish channel. A sharp price drop today may confirm the existence of the pattern if the bottom purple line can hold successfully as support. That meaning, if Litecoin bounces back up in near weeks (which I expect it to), the channel exists and the price will go higher. However, if Litecoin breaks below the bottom support (which it has been flirting with), we should see some further price action down, possibly to the $42 support, possibly even the mid 30s.
For the time being, however, we cannot really determine anything. The market is too volatile. In the mid to long term, I'm going long on Litecoin, but in the short term, we must let the market play out. A drop to $42 or the mid 30s would be a nice buy-in price if the market chooses to allow it to go so low.
I expect Litecoin to reach $52 within a month.
Thanks for reading. Leave a like if you agree!