The rally in Bitcoin which we now have witnessed for the previous week or so is selecting the cryptocurrency market up with it as nicely. 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 almost $41,000. The bullish momentum in Bitcoin which is being helped by Elon Musk right now, is pulling up the remainder of the crypto market.
Though the momentum within the broader market just isn’t 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 slightly below the 100 SMA (inexperienced) on the chart above.
This transferring common has been the final 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 sooner tempo of enhance, so this might be the time for LTC/USD to push above the 100 SMA and resume the bigger bullish development of that we highlighted in our 2021 Litecoin forecast. Though, Bitcoin should maintain pushing larger as nicely, so the crypto market can observe it.