Litecoin v’s Bitcoin continues to stall out just below the adjusted lower supply area following another upside breakout earlier in the week, although the fact that SCMR is still painting a bright green SCMR signal on a large and fairly bullish candle formation while market structure continues to improve indicates that the bulls are still firmly in control moving forward. We can also see that the EMA's are accelerating to the upside for now, price has broken above the increasingly bullish 100 SMA, the 200 SMA is slowly picking up steam, and strong dynamic support continues to actively build below the market, so we don't think this bull move is over by any means. That said, the momentum oscillators are getting stretched to the upside and there is fairly significant medium-term resistance between 0.0xx - 0.0xx which is why we are expecting a pullback before big another leg higher materializes.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop just below 0.0xxx and a target of 0.0xxx.
Medium term Members ProTrade - 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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