Litecoin trading cryptocurrency market update for Jul 23, 2019
Jul 24, 2019 --- Altcoins
Given the technicals we discussed earlier in the week for Litecoin v's Bitcoin it is surprising to see price catch a bid above 0.009 over the past 24 hours despite the red SCMR signal from yesterday and the still bearish market structure overall. We think this is mainly due to the approaching halving which is keeping buyers active and thus SCMR signals primarily neutral and momentum oscillators favorable for the time being, although the flatlined EMA's, still bearish shorter-term SMA's, still active dynamic resistance, lackluster volume indications, and increasingly bearish Ichimoku Cloud all point to a lot more consolidation between 0.008 - 0.012 over the coming weeks (and perhaps months), but with a near-term upward bias that could take price above 0.01 in the near future.
Short term Members ProTrade - No new ProTrade ideas at this time.
Medium-term Members ProTrade - No new ProTrade ideas at this time.
Long term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.00xx - 0.00xx area with a stop around 0.00xx and a target of 0.0xxx.
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