Call it serendipity but my first few market commentaries on #steemit have illustrated the seemingly relentless drive of #cryptocurrency bulls to buy the dip during pull backs.
Specifically, I'm referring to #litecoin's recent retest of its $34 breakout level and subsequent rise back above $40. In my previous post , I noted that the second successful retest suggested that bullish momentum may carry forward in the near term. Sure enough, it has:
As the chart above shows, litecoin has traded as high as $42.46 today since its second retest and bounce off of the $34 breakout level on 6/27/17. This shows that buying interest in the overall market remains strong.
Note that it appears a daily close above $42 is needed for bulls to see further upside in the near term. Ultimately, the $50 level is the pivotal resistance area to overcome for a blue sky breakout to be in play. The $34 level still remains a critical support area for bulls to defend on any future pull backs.
From a fundamental standpoint, litecoin seems to be making headway in China, with the announcement earlier today that ViaBTC exchange platform will be adding litecoin #trading. This news should be well-received by litecoin bulls, as it reinforces its position among the top global cryptocurrencies since Asia is a significant market to break into.
If you haven't done so already, I highly suggest following Charlie Lee, litecoin's founder, on Twitter. He regularly updates followers on the latest happenings and it's important to stay informed given how quickly news is dissipated these days and its potential to sway markets.