Buying Litecoin at the 200 Daily SMA, After the Crash

Skerdian Meta•Wednesday, May 19, 2021•1 min read

It’s one of those times for cryptocurrencies, when they crash down to refresh the trend, before turning bullish again and pushing to new highs. This is also the time when crypto traders look for buying opportunities, considering the major retreat down today.

The whole crypto market has crashed down in the last few days. but today in particular has been extremely bearish for digital coins. BITCOIN has fallen to $30,000 right now, losing more than half its value from the top at $65,000.

Litecoin Live Chart

LTC/USD

LITECOIN was trading at $413 two weeks ago, but the situation has changed now and sellers are in total control. The price fell to $153 a while ago and after a short-lived bounce higher sellers have returned again and Litecoin is trading at the lows.

We had a buy signal in this cryptocurrency which we opened late last week, as the price was retreating down. That signal got smoked on the way down, but the 200 SMA (purple) turned into support at the moment, where we decided to open another buy Litecoin signal, since the decline seems to have stopped. So, we are long on Litecoin once again, hoping that the bullish trend will resume soon after this big pullback, which has refreshed the trend for all cryptos.

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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.