Our Signals Are Safe after Litecoin Completes A Flash Round Trip South - Forex News by FX Leaders

Our Signals Are Safe after Litecoin Completes A Flash Round Trip South

Posted Friday, November 3, 2017 by
Skerdian Meta • 1 min read

If you follow are signals, you must have noticed that we have two open signals in Litecoin. Both of them are buy signals obviously, since the trend in cryptocurrencies has been bullish since the conception of this market.    

We opened the first Litecoin signal a couple of weeks ago, while yesterday we opened another buy signal here as the cryptocurrency market was tumbling. Litecoin slipped to $50, but was unable to break it. That looked like a good opportunity to go long also because any substantial retrace in altcoins is a good opportunity to get in on this bullish run.

So, we bought Litecoin somewhere down there. That forex signal was going pretty well until a couple of hours ago when Litecoin dived more than $5 in just an hour. I don’t know the reason why and I can’t find anything about it, but it seemed strange because the other digital currencies were unmoved.  

It broke the $50 level strangely enough and reached as low as $49, so it got me worried for a minute there. But, as I started to write this forex update, the price jumped back up again and now it is flirting with the $50 level.

A flash crash and we’re back where we started

 

A couple of days ago I heard that the second biggest South Korean exchange Coinone added Litecoin to its platform, besides the main exchange Bithumb, which has already a $38.5 Litecoin daily trading volume. That should have been great news for Litecoin, but it hasn’t been reflected in the price. Anyway, the technical picture seems pretty good right now and my Litecoin trade is already well in profit.     

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About the author

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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