The 100 SMA Holds for Litecoin, As It Turns Bullish Again Today
Cryptocurrencies went through a considerable decline for about a week, as they retreated lower last Saturday, which continued during this week as well. BITCOIN fell from $65,000 to $51,700, while LITECOIN lost around 30% of its value, as it fell form around $330 to $230.
But digital currencies haven’t made new lows since last Saturday after the crash. This shows that sellers had enough of the downside, but the buyers weren’t deciding yet whether to start buying again or remain in the sidelines until further notice.
Litecoin H4 Chart Analysis
The 100 SMA (green) was doing a great job as support during this time, despite being pierced a few times. It kept pushing lows higher, but the 50 SMA (yellow) was acting as resistance at the top. Although, the 50 SMA was broken today with the sentiment turning positive. Ethereum is leading the bullish reversal in the last coupe of days, as it climbed to new record highs of $2,600 just a while ago.
LTC Daily Chart Analysis
On the daily chart, we have the 20 SMA providing support
On the daily chart we see that the 20 SMA (gray) was holding as support on this time-frame. The price formed a couple of dojis above that moving average, which are bullish reversing signals and the stochastic indicator is turning higher now.
We closed the previous Ethereum signal a few days back for more than $400, while my colleague Arslan opened another buy ETHEREUM signal today, which is looking good right now. So, cryptos are turning higher again and we are holding on to our Litcoin signal as well, being around $7,000 pips in profit already.
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