What Is the Connection Between Bitcoin and Litecoin Prices?
Is there a direct connection between the BTCUSD and LTCUSD prices?
The traders’ logic is the same on any market. The expectations and fears regarding any price are represented by the graph itself. But is there a direct connection between the BTC/USD and LTC/USD prices?
After a downward movement Litecoin has switched to an upward trend, just as Bitcoin did. This similarity between trends is mostly dependent on USD quoting. After stopping at a long-term level of $3.12, the sellers have started closing their positions, which enabled the buyers to form an upward trend.
After breaking through the medium-term level of $3.24, the buyers have held their positions on it. The LTCUSD price continued its upward movement.
It’s worth noting that Litecoin has stopped exactly at the resistance level, where the change of cycles happens. That is the level of $3.4. At that point the buyers have started leaving the market and gave the advantage to the sellers, which has caused a downward trend.
Medium-term trend-wise, the two important resistance levels are $3.38 and $3.25.
It’s entirely possible for the market to break the downward trend which has started at $3.55. For this to happen, the buyers would have to fortify at the level of $3.38. The structure of the third wave will indicate further movement.
For a continuation of the downward trend, it’s necessary to break through the resistance of $3.25 and fortify on it. The potential of such trend can move the Litcoin price to a minimum of $2.97.
When planning both the mid-day and medium-term tactics, it’s very important to pay attention to two key medium-term resistance levels of $3.38 and $3.25 (BITFINEX). These two levels are most likely to cause a trend change.