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Well it is up over 9% now!

It could still be a big short covering rally based on the recent amplified move downwards. I do not know this intense volatility creates unique trading opportunities.

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In this latest Crypto recovery it seems Bitcoin may start the rally but Bitcoin Cash and Litecoin seem to be leading the way in terms of returns. 

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Litecoin is leading the way this morning and is up 5.31% at the time of this post. It will be interesting to see if this can move above $80.

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Litecoin is up 11% at the time of writing this post. 

I stated it would be interesting to see if Litecoin could move above $80 in previous post (above) and boy has it.

Looking at the chart there is a strong possibility that on the next leg up it targets $100. 

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Litecoin is now up over 15%.

The weekend represents a very important time period for Cryptocurrencies in general. Those who close their positions on Friday to avoid charges and large price moves tend to miss out on some of the biggest moves. 

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It seems Litecoin has encountered resistance at around the $91 and $92 level. 

 

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Litecoin has joined the other Crypto's available on IG downwards but it will be interesting to see what happens overnight and particularly with Asia. There could be a surge up to $100 dollars or a large further decline. 

Tomorrow morning shall be very interesting. 

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When looking at the 'daily' one can see a potential 'cup and handle' pattern. Any major breakout now should target $112 area. It could even go all the way up to $144 area depending on the momentum.

The moving averages have completed a bullish crossover and the RSI in positive. This to me seems very bullish indeed. If you look on the 'daily' then not only will you see the price above its 20, 50, 100 and 200 DMA but a crossover between the 20 DMA and 50 DMA. There is a previous crossover between 100 DMA and 200 DMA. So from a chartist perspective, Litecoin, looks very bullish. 

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Litecoin is poised for another move upwards but needs to cross the imminent resistance it is about to face. The crossover I mentioned earlier on this morning is highlighted in the chart below.

Litecoin_20190513_19_28.png.49808eac394d6974d39d5c6af051a909.png

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I have literally just seen Litecoin with a rocket below its price. It shot up out of no where within the last 5 minutes. I wonder if Bitcoin Cash will follow suit as they both have been rising together in this latest journey.

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Litecoin will face resistance along the way but I would really like to see it reach and cross the $175 level. This would be really exciting if it happened.

Litecoin has been very volatile today and has been up and down like a yo-yo and then finally it just snapped and the price shot up to over 15% in the blue. 

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Litecoin is still above $100 but I will be very interested to see if it still over this amount early tomorrow morning. 

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It seems as Bitcoin is pausing for breath, traders are concentrating on 'Alt Coins' and Litecoin has been a beneficiary of this. It has hit an 11 month high and surpassed $100. It is trading around $96.00 at the time of writing this post. 

Litecoin is a very interesting 'Alt Coin'. It also has its mining reward halving in around less than 90 days so far soon than Bitcoin. This presents the potential and it only is potential where capital could allocate to Litecoin in advance of this halving event. 

Litecoin, in particular, could shine bright over the next few weeks, as the mining reward halving is now less than 90 days away. Litecoin has the potential to double from here but it all depend on what traders think of Litecoin and whether there is an appetite to really pump Litecoin through the roof. Do the speculators really have an ambition to drive up the Litecoin price, take their profits, and let is drop sharply again?

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Litecoin is struggling to stay above $100.00. It seems primed to have another go. 

It seems to me that Litecoin in moving in positive correlation with Bitcoin prices.

Bitcoin is moving upwards right now so I would expect Litecoin to follow. I shall see what has happened overnight in the morning tomorrow.

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Litecoin is holding firm around the $90 area for now. It is really struggling to break through and stay above that psychological $100 level. To put things in perspective, Litecoin, has enjoyed stellar returns in 2019 but I think there is more potentially to come. 

A lot of people are talking about the supply of Bitcoin halving. Well Litecoin has a similar situation but in the next few months which is why I think Litecoin could have another big rally in it. This halving even will decrease block rewards by 50% from 25 LTC to 12.5 LTC. I think so many are focussing on Bitcoin that they are ignoring the fact that Litecoin's halving event is imminent. Once the market and traders cotton on to this then I can see Litecoin smashing through the $100 area and pushing upwards on another big move. If memory serves me correct then this will happen at the beginning of August 2019 so very soon. 

The question right now is whether Litecoin is in a consolidation phase? I know different traders will have a different view on this depending on what time frame they are looking at. 

Now looking at the moving averages you will see they seem well aligned. So the 200 DMA at the bottom and then going upwards followed by the 100 DMA, 50 DMA and finally the more nearest to the price the 20 DMA. I include the chart below to highlight this point.

Litecoin_20190522_19_03.png.45dd615d98ecdcd8af1cceacb9ad70fd.png

Now sometimes traders can make things more complex and technical than they need to be. I always believe in keeping trading as simple as possible. The chart above is bullish. The price is above all of the moving averages. Higher Highs and Higher Lows are being formed. It is part of an asset class which is in a bullish phase at the moment. There is interest and momentum. 

In my experience of trading Cryptocurrencies when traders take profits too early they miss out on an explosive piece of price action and then find it difficult to get back in or convince themselves that they are too late. Whilst they are contemplating days of spectacular gains pass by. If traders are in big profits on Litecoin then sometimes (not always of course) it can be prudent to do nothing and just hold your position and pay the overnight charges. I accept this goes against conventional trading wisdom but when it comes to Cryptocurrencies which have been on a bullish run, it has paid off for me. If the trend has not reversed then why sell?

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