Litecoin (LTC) and Monero (XMR): Taking the Temperature of the Market

March 11, 2019 / by Bill Noble

With Bitcoin finding resistance near $4,000, the technical focus needs to return to the leader of the recent up move: Litecoin (LTC).

Bears reasserted themselves in Litecoin (LTC) just above $56. $56 is a resistance at the top of a pitchfork formation on the Coinbase chart (Figure 1).

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Looking at Litecoin (LTC) on Bitfinex, there is a  trend that has been useful in the past. That trend line holds the power of the resistance at $56 (Figure 2).

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If Litecoin (LTC) can hold support near $52, that could be very bullish. If Litecoin (LTC) falls below $52 it could be a golden opportunity to buy a dip near $45. If Litecoin (LTC) was able to get back above $56, that could be very bullish.

One other sign of the health of the crypto market is Monero. $49.00 is a key support level. Assuming Litecoin (LTC) and Bitcoin (BTC) hold together, the dip in Monero could be a very good buying opportunity (Figure 3).

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Bottom Line: Day traders want to be short at the top end of the ranges in Bitcoin (BTC) near $4,000 and Litecoin (LTC) near $56.00. While they have a point from a risk-reward point of view, we continue to see a Bitcoin (BTC) breakout as a distinct possibility.

There may be more than one way to play both the range trade and the next big future uptrend.

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