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.