The rally in Bitcoin which now we have witnessed for the previous week or so is selecting the cryptocurrency market up with it as properly. Bitcoin fel to $31,000 early final week, however reversed from that help space and has been bulish since then.
It first elevated above $38,000 final week and over the weekend it climbed near $40,000. Now, it has simply moved larger to just about $41,000. The bullish momentum in Bitcoin which is being helped by Elon Musk at this time, is pulling up the remainder of the crypto market.
Though the momentum within the broader market will not be as bullish as in BITCOIN , however cryptos are crawling larger nonetheless. LITECOIN has moved above the 20 SMA (grey) and the 50 SMA (yellow) however it’s buying and selling just under the 100 SMA (inexperienced) on the chart above.
This shifting common has been the last word resistance indicator for greater than every week, killing the hopes of consumers and reversing the value down a few instances. However, this time consumers look extra assured, with a quicker tempo of enhance, so this might be the time for LTC/USD to push above the 100 SMA and resume the bigger bullish pattern of that we highlighted in our 2021 Litecoin forecast. Though, Bitcoin should maintain pushing larger as properly, so the crypto market can observe it.