Litecoin Breakout Mirroring BTC Movement
/LTC Major Pump Pushes Towards Previous High
“Red-Alert” on Litecoin, as we see the price pumping on a huge volume candle right along with Bitcoin. This surge has come out of nowhere, but what I find most important is the fact that LTC is following the movements of Big Brother Bitcoin, and this is a good indication of future possibilities.
Let’s take a close look at the chart this morning…
As we can see, we have a seriously strong move supported by an enormous candle that started the surge. The stochastic is absolutely bullish, giving no indication of falling out of the “overbought” zone. The On-Balance Volume is surging, indicating institutional buying happening.
I am watching very closely to see how far this pump makes it, and if LTC will continue mirroring Bitcoin. If we take out the previous high, we will have to re-evaluate my trading strategy and make adjustments. But if there is a rejection before hitting the level of the previous high, I’m looking for a nice correction that will take us back into the “Strike Zone” where I will resume accumulating Litecoin.
I’m growing more bullish on Litecoin by the minute. What I find most attractive about this project is the fact that it has the most history outside of Bitcoin in the cryptocurrency market. While we see new projects flooding the scene almost daily, risk has never been higher. There are several solid new projects that have great potential, but we are still in a super risky environment.
In order to minimize risk, and reduce the need to never take your eyes off of the price charts, I will be focusing more on Litecoin from this point on. The potential gains for LTC might not be as high as some of the other breakthrough projects that are in the spotlight, but there is definitely a lot less stress involved in trading a project that has the history of what we have here.
UPDATE! I forgot to finalize this post when it was created a day ago, but we now have confirmation of the lower-high at point 2. The movement of price is bearish, and headed towards the strike zone.
Carlton Flowers
The Crypto Pro
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DISCLAIMER
NOT FINANCIAL ADVICE - Entertainment purposes only. Seek a qualified investment advisor before making any decisions on purchasing cryptocurrencies. The crypto market is very volatile, and trading can be dangerous and detrimental to your financial situation. Proceed with caution.