Litecoin (LTC) Market Update for Jan 24, 2019
Jan 24, 2019 --- Altcoins
LTCBTC continues to exhibit relative strength as price recently broke above the still falling 200 SMA for the first time since May of last year which continues to improve market structure, and now SCMR is trying to flip back to green which is also good news for the bulls. We can also see that the EMA's are reversing back to the upside to rejoin the 50 and 100 SMA's in a bullish condition, strong dynamic support continues to actively build beneath the market, the momentum oscillators are favorable for the time being, and the Ichimoku Cloud is expanding to the upside out in front of the market, so it appears as though the path of least resistance is currently to the upside. That said, we would be surprised if price was able to get back above the 0.0xx level without another retracement first so we'll continue to stay patient until further notice.
We will consider a LONG position on a continuation down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.
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