The Slide in Cryptocurrencies Has Stopped

On Sunday evening we opened a buy forex signal in Litecoin Mini. Cryptocurrencies had surged in the previous two days, but on Sunday afternoon, the crypto market was retracing lower.

I thought that after the retrace the upside would resume again, which it did and at some point in Sunday evening we were more than 30 pips up with that signal.

But, the crypto market decided that the retrace wasn’t over and it stretched further on the downside. The slide continued today as well, but now it seems like it might have stopped.

Are we turning higher after the 100 SMA held he ground? 

Litecoin touched the 100 SMA (red) on the hourly chart and reversed back up. The resistance level which has turned into support was breached for some time but the price is back above it, which is a bullish signal.

The picture seems pretty good for Litecoin now, but the crypto market must turn higher altogether if our Litecoin signal is to reach TP anytime soon.  

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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