I actually like Litecoin’s price action, but not in terms of a long. There was a great short at $60. Bearish divergence had already formed and this was at a retest of a break out in an ascending channel. Long-term LTC is bullish to me because of this expanding channel vs one that constricts so I do see a lot of opportunity to trade this. At time of writing the current price is about $57 but the price did eventually drop to about $55 so that would have been a 10% profit. There is still a possibility that LTC can drop to $46. At that point that would be a solid long position.
Open Interest - Long: 1.12 Days Open Interest - Short: 1.33 Days RSI: Hidden Bullish (1D) OBV: Rising VOL: Flat Price Action: After spending the last 48 hours eating into the top of the channel; there has been a reasonable pull back. The moving averages are a relative distance below (closest is $53), so the logical approach favors the short side right now - look for positions in the $61-$63 range; but be willing to hold through to $71 with the 52w MA being the stop loss. Key Resistance: 60.0, 67.0, 70.9 (52w MA) Key Support: 54.0, 53.2 (28d MA), 48.0, 44.0 (26w MA)
Want to start this out by saying I have incredibly skeptical of cryptos. That said, Litecoin is definitely the best performers of most of the majors on a percentage basis. So that said, I think price action could in the medium-term see a few more gains if this trend can continue. However, RSI and stochastic indicators are leaning towards a pullback flashing overbought signs. But small pullbacks are healthy and after that we could continue upwards. Let's see.