LTCUSD (Litecoin) – Week 10 – In the middle
Crypto fund manager, Grayscale Investments, has bought the majority (80%) of Litecoin mined last month. Grayscale currently holds over 1.44 million Litecoin ($248.33 million), making it the firm’s third-largest crypto holding after Bitcoin and Ethereum. Grayscale is one of the few services that allows accredited and institutional investors to purchase cryptocurrencies.
Technically, Litecoin is “trapped” between the resistance at $205 per LTC and the support at $150-$160. The higher probability scenario, in our opinion, is a move to the upside. If the price breaks the resistance area and it consolidates above, its on track to make new highs. However, we should not dismiss the possibility of the price crawling its way to the support of $150 once again, but the probability of that happening is lower compared to the bullish scenario. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, Litecoin is “trapped” between the resistance at $205 per LTC and the support at $150-$160. The higher probability scenario, in our opinion, is a move to the upside. If the price breaks the resistance area and it consolidates above, its on track to make new highs. However, we should not dismiss the possibility of the price crawling its way to the support of $150 once again, but the probability of that happening is lower compared to the bullish scenario. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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