The buying pressure is accelerating in the crypto market. The volatility keeps increasing since the bullish reversal in late July, after a quiet period at the beginning of this month, which worried crypto buyers that the bounce in July might have been just a retrace before the bearish momentum of the last few months resumed again.
But that wasn’t the case. The bullish momentum resumed in the crypto market and they have been marching higher non-stop. Litecoin has gained more than $80 since the reversal and it doesn’t look like it wants to look back down, as buyers keep piling in after every pullback.
The 20 SMA (gray) has been doing a great job providing support during retraces lower on the H4 chart during late July. In August, the 50 SMA (yellow) has been acting as the ultimate support indicator, while the 20 SMA has provided support when the trend picked up speed.
LTC/USD
Pullbacks lower have been quite weak and short-lived, with buyers not waiting too long to jump in after every retrace. If you hesitated too long to buy LITECOIN you’d lose the opportunity as the bounces haven’t delayed and the bullish trend has progressed.
Yesterday we saw a pullback in the crypto market and we were watching Litecoin and Bitcoin to see if we could pull a trade on the long side. We refrained from opening a buy Litecoin signal at the 20 SMA which had been providing support during the last several days and were looking to buy LTC/USD at the 50 SMA. But, the reversal took place overnight and it was too fast, so we lost the opportunity to go long on Litecoin. We’re still following Litecoin to see if we can get in on this trade even now after the bounce, so you can follow us on our live forex signals to see when we open crypto trades.