A few days ago, I posted my very first market commentary on steemit and pointed out the $34 breakout level and $50 resistance level for #litecoin traders to make note of.
The post may be viewed here: https://steemit.com/cryptocurrency/@syncubate/will-litecoin-finally-breakout-above-usd50
Since then, litecoin has back tested the $34 level twice on the daily time frame and has not closed below it:
The past several days have been profitable for litecoin bears but the bulls may apply some buying pressure in the near term given the successful back test and support realized at the $34 level.
In the intermediate to long term, bulls will need overcome the $50 level to achieve a blue sky breakout, as that would place litecoin in historically uncharted territory. It will be interesting to see if the $34 level is again defended from any further selling pressure.
Litecoin has predominantly traded in sync with #bitcoin and #ethereum in terms of sentiment. #Cryptocurrency is a speculative market overall and as such it is important to keep in mind one's risk/reward tolerance before assuming any trade or position.
