Our Two Cryptocurrency Signals Are Looking Good, Who Agrees? - Forex News by FX Leaders

Our Two Cryptocurrency Signals Are Looking Good, Who Agrees?

Posted Monday, November 6, 2017 by
Skerdian Meta • 1 min read

As we mentioned in the midday brief posted a while ago, the forex market has been pretty quiet today. But, there is some nice price action in the new cryptocurrency market.

We opened two long-term buy forex signals in digital currencies last week when this market was sort of crashing down a bit. Bitcoin was holding up pretty well, but it was stealing the thunder and sucking the life from the rest of Altcoins.    

We saw that as a good opportunity to get in on this bullish trend in other cryptos. We opened a buy forex signal in Ethereum as well as in Litecoin. Although, I have to admit that we pulled the gun a bit early since we could have had a better entry price.

Anyways, the Altcoin market got back on its feet last Friday, and today it is continuing to trade in the same mode. We saw a jump earlier on, but in the last couple of hours, digital currencies are making a retrace lower.

Litecoin needs to take out the 200 SMA (purple) first.

Our long-term signals in Ethereum and Litecoin are pretty safe since they’re well in profit. Although, the retrace seems to be coming to an end. So, we will keep these two forex signals open because I’m sure we will get some more pips out of them.    

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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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