Litecoin Trading- LTC/USD Technical Analysis, Sept 11: Upward trend still intact after spike to 2-week high

Litecoin's (LTC) mini-rally still appears intact. LTC briefly spiked yesterday to a 2-week high of $5.68 on BTC-e. The spike, measuring 10%, by far outweighed simultaneous rises across the crypto markets. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term gained no more than 3% during the period, reminiscent of earlier days of LTC magnifying BTC gains. Although LTC quickly retraced back to the $5.25-5.35 region, it has been gradually trending back up toward the $5.40's.

LTC has also stubbornly kept above this $5.25 mark during the past 24h, despite several sharp turns to the downside. The summation of the recent activity points to a possible continuation of recovery. Although the long-term outlook is highly uncertain, the case can be made that some mid-term equilibrium is in order following August's steep sell-off, which was possibly intensified by margin calls and panic selling.

The gradual rise, despite Bitcoin's stagnation, is a continuation of LTC bucking the general price trends in crypto markets during the past week.

It is currently trading at $5.27. Versus Bitcoin, it has climbed back to as high as 0.0116 and is currently trading at 0.0112. The high of 0.0116 ties that of 2 weeks ago and shaping up as a point of some resistance.

Thus, LTC has unexpectedly come back into relatively close proximity of its 50-day moving average (MA), still reeling from August's sell-off. The MA now $5.90, LTC is only 10% off- as opposed to the typical 30% from during the past several weeks. LTC has not traded above this level since early June. Aside for a 20-day period during that time, you need to go back to April for the last time it has held above the MA for any sizeable period.