Litecoin was gradual to realize some bullish momentum final yr, however ultimately it began catching up with the crypto market in December and it surged larger in january and February. Though, within the final week of February we noticed a deep pullback in cryptocurrencies and Litecoin misplaced greater than 1 a 3rd of the worth throughout that crash.
Though, the 50 SMA (yellow) which had been offering assist in January did so once more, holding sturdy in February too. LITECOIN bounced off that transferring common, however in contrast to Bitcoin or Ethereum, it hasn’t been in a position to make new highs, which put the bullish pattern in query.
We highlighted yesterday the triangle which was forming in Litecoin and we talked about that the momentum was bullish on the long run charts nonetheless, with the smaller transferring averages reminiscent of he 20 SMA (grey) offering assist. At this time consumers appear to be in cost, having damaged the highest line of the triangle and now Litecoin appears to be heading for $240.
We’re lengthy on this cryptocurrency since late February and now our sign right here is properly in revenue. However, because the bullish momentum has simply resumed once more, we’ll maintain on to this commerce and milk it properly, properly past our 3,000 pip revenue that now we have in the mean time.