You may have noticed that Litecoin hit a low of $137 earlier this month. But since then it’s been showing some really positive signs and is possibly headed for a breakout, according to Coindesk and other sources.
Litecoin registered a one-week high earlier today. The world’s fifth largest crypto by market-cap rose to $175. This 26% rise since March 18 indicates the sell-off from the February high of $254 has probably ended.
A solid showing on the markets today would confirm a bull flag breakout for Litecoin and revive its bull run. This could yield a rally to $300 or more in the longer term.
Good news after a bit of a rough week.
BITCOIN IN LIMBO?
After having a rough week of it’s own, Bitcoin bottomed-out at $7,335 on Sunday. But the crypto’s three-day winning streak is an encouraging sign for those waiting for the return of a bull market run for the big dog on the block(chain).
The 22.7 percent recovery suggests that the bulls might have regained control, at least for the time being.
The coming days and weeks should be telling. The experts at coindesk.com predict that if prices continue to consolidate around the $9000 mark, there could be a momentary sell-off. We might even see prices fall below $7000 temporarily.
That might sound scary, but it could turn out to be a positive for those looking to capitalize on a price dip.
Obviously, when prices get low, a window of opportunity opens for observant investors. This could be a sensational time to enter the market or increase your position.
On the flip-side of that coin, the same experts over at Coindesk are predicting that if Bitcoin can break above the $10,500 mark (even briefly) this could trigger a trend reversal which might very well open the floodgates and cause prices to climb again. ($20,000 by the middle of the year is one estimate at CNBC.)
Like I said before: the coming days should be telling.
If you’re already invested in the market, not to worry: the long-term predictions for Bitcoin in 2018 and beyond remain the same. In other words: they look very, very good. This is short-term market activity.
However, if you’re not invested yet and are wondering the best time to buy-in or to increase your position, the question becomes: when is the best time to make the move? Do we wait for a temporary price dip, or do we get on the train now in anticipation of a price spike in the near future?
We’re keeping our eye on the markets and we’ll keep you informed as things progress. As always, give us a call if you’d like to have a more detailed discussion.
One last thing: If you’re interested in investing, keep in mind that it does take time to establish an account, to get approved by the trading exchange and to rollover/transfer funds. All these steps need to take place before you’re able to place a trade.
So I always recommend that people start the process sooner rather than later. That way when the markets meet your ideal conditions you can seize the opportunity.
You can always speak with one of our experts here at BitTrust IRA to learn about the process in depth.
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