Waiting to Buy Litecoin at the 50 SMA
Skerdian Meta • 1 min read
Litecoin has been a prime beneficiary of the rally in Bitcoin. That rally in Bitcoin has pulled the other altcoins higher and Litecoin Mini has climbed higher with the pack.
Now, Litecoin is making a pullback lower as Bitcoin retraces lower too. Actually, the latest retrace in the last hour or so is happening in all markets. Nikkei and S&P have retraced considerably lower too, so it is the market sentiment driving prices around at the moment.
The 50 SMA looks like a very good place to go long from
I am looking at a certain level to go long though. Just like in Bitcoin where the $10,000 level is the place to watch, here it is the 50 SMA (yellow) which has taken my attention.
As you can see from the Litecoin chart above, this moving average has provided support recently, keeping the uptrend in place. Now we are headed back there, so I suppose it will provide support again.
That area used to be resistance before, so it is likely it will turn into support now. It comes at $91.50 at the moment. By the time we will get there (if we do), the hourly chart would have become oversold. That’S where I will be looking to buy Litecoin.