Cryptocurrencies have been discovering it laborious to renew the bullish pattern within the final couple of weeks, after the robust bullish momentum that engulfed the crypto market from the tip of July till mid-August. Litecoin climbed round $85 to only above $190, however since then, it has been buying and selling sideways inside a variety.
We had a long-term purchase sign which we opened close to the underside, above $105, and booked revenue as the value surged larger. Though, apart from buying and selling the pattern, we are able to additionally commerce ranges in cryptocurrencies, which is what we did with Litecoin, shopping for it close to the underside of the vary.
Vary buying and selling has been taking place in cryptocurrencies over the past two weeks, besides in sure cryptos, akin to ETHEREUM and Solana, which have been completely surging throughout this time. Bitcoin has been buying and selling in a variety slightly below $50,000, though that is perhaps coming to an finish as BTC/USD strikes above $50,000.
Litecoin continues the range-bound value motion
The vary in Litecoin has been roughly between $165 and $185. Ranges may be traded too, they usually supply some good alternatives, with an honest risk-reward ratio. We purchased LITECOIN in August at round $170, and after some wobbling round, Litecoin lastly hit the take revenue goal earlier as we speak.
Patrons appear to have resumed management in cryptocurrencies now, as Bitcoin strikes above $50,000, whereas Litecoin resumed the bounce from the 200 SMA (purple). The bullish momentum is on now, though LTC/USD may nonetheless respect the vary. Nonetheless, the Litecoin sign closed in revenue, since we positioned the TP goal beneath the prime quality, as you often do when buying and selling ranges, because you don’t know if the vary will break or not and we don’t actually know if Litecoin will push above the 200 every day SMA (purple) on the every day chart above. So, we booked $15 in revenue, which suggests $1,500 pips.