The crypto asset dump appears to have stalled. There is still no strong bullish volume, but we are seeing "long tails" in cryptos like Litecoin relative to the USD (LTCUSD)
LTCUSD Daily Chart
- The daily chart shows that the recent price dip brought LTCUSD all the way down to $140.
- But we can also see that within the trading session, price recovered back above $180.
- Also note that the RSI is mostly holding above 40. If it stays above 40 and turns up, we can say that LTCUSD has maintained its bullish momentum since December.
- Then, if price can close above 20 for a few days, I think LTCUSD would regain its earlier swagger.
- But at this point, we should limit our bullish outlook first to $300 and expect more consolidation/correction before price pushes to $400.
- I am bullish on LTCUSD and cryptos, but the recent sell-off is a reminder that the bullish pace of 2016-2017 was too strong.
- If you are trading cryptos, I think you should be confident of price upside, but we might be in a period of consolidation before the next bullish continuation swing.