Cryptocurrencies have been having a tricky time within the final two weeks, after the good surge this 12 months, which for some cryptos like ETHEREUM and Litecoin continued till the center of this month, a they pushed to new highs.
However, the reversal got here by the center of this month and the crash got here quickly after, taking the crypto market diving decrease. In common this market misplaced greater than half its vale, whereas sure cryptocurrencies misplaced as much as 80%.
Litecoin fell from $413 to $119 for about two weeks, however has been attempting to reverse again up since then. Final week we noticed an try from consumers, as they pushed above the 20 SMA (grey) and the 50 SMA (yellow) sooner or later.
However, the promoting stress returned once more within the second half of the week and the worth fell under the shifting averages once more. Within the final two days we have now seen consumers return once more and at this time they pushed above the two MAs, so it looks like the bullish pattern is resuming once more. Though, the bigger bullish pattern can be on once more when LITECOIN strikes above all shifting averages. We’re lengthy on Litecoin already from $150s, so we hope that the bullish pattern resumes in full.