much in unison in January. Disclosure: The author holds no cryptocurrency assets at the time of writing. In fact, so does the worlds largest cryptocurrency, bitcoin. At press time, it had slumped 14, trading at a depressed price of 33, with a market cap.9 billion. Trade Bitcoin (BTC Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform rkets. Prices are now at the highest theyve been since October 2018 and the altcoin appears set to notch 70 over the short-term. On the contrary, the recent analysis show that we should brace ourselves for another Bull Run similar to the one that took place at the end of 2017. The charts for analysis are provided.
The trendline is forming a descending triangle with the support line to depict the low nature of the market. However, a crash ensued where virtually all the digital assets slashed the gains tremendously. Subscribe to, aMBCryptos Newsletter, follow. Smashing out of the Descending Trendlines.
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Happy trades friends and, as always, please use a stop loss. The aftermath of the 329 surge last year was a crash that saw Litecoin tumble massively. Images courtesy of Shutterstock, TradingView. The cryptocurrency market performed exceptionally well last year. The volatility in the market was not high, but is predicted to increase as the bands diverge from the tunnel pattern. The 5- and 10-week moving averages (MAs) are also trending north, having produced a bullish crossover in mid-January. LTC picked up a bid near 20 in December, tracking the corrective rally in bitcoin the worlds largest cryptocurrency by market capitalization. Litecoin price has broken out of a multi-month descending trendline. Litecoin is likely taking a moment to consolidate and regather strength after traders took profits near. The weekly chart shows Litecoin as the lead bull, as it has sustained well and is now completing its fifth week above the long-term descending trendline.