Litecoin treated us with some nice gains alongside Bitcoin, however cautious traders are booking some profits as the first Litecoin Fork – LCC, enter the crypto world.
LTC vs BTC
I am having a look at the performance vs BTC, and as we can see, we are still in a longer term bearish channel, not surprisingly similar to Bitcoin.
Even though we have what seems to be a very clear bull flag on the 1hr it is important to note that selling pressure is quite heavy above 0.0213 btc.
Currently I see resistance at 0.022 btc and if the bulls cannot push prices above that zone the litecoin markets will experience yet another correction.
This was a great little rally for LTC however the longer term bearish trend is still in tact and I will wait for a break above 0.022 before getting to excited about LTC.
LTC vs USD
On the USD charts we can see a similar little bull flag coming up for the LTC market and the market could push even higher should resistance at $250 fail.
Even though momentum is indicating that there is indeed a push from the bulls, I am not entirely happy with the price action on the crypto markets and I am prepared for a possible correction on the shorter term.
With all that said, the market is bullish on the near term with the support around $220 – $240.
Should these levels fail, expect lower prices in the future. Feel free to discuss this trade idea with us on Discord. Safe trades.