At the moment, it’s very hard to focus on altcoins as all eyes are fixated on Bitcoin due to its market domination without any discretion.
Although BTC has already managed to shake off more than 15% of its gains taken early this week, it’s important to note that altcoins are in a much tighter spot.
It’s unlikely to see Altcoin recoveries any time in the future before Bitcoin takes yet another pump and later corrects. According to analysists, that pump will be coming as early as in two weeks.
When it comes to Litecoin, it’s imperative that the crucial support level of $110 is maintained so that the Bitcoin correction can translate into a nice LTC bull rush.
In the short term, Litecoin and pretty much any other altcoin is going to remain in the bearish zone. Even though BTC is also shredding its price as we speak, it’s important to note that everybody is anticipating yet another pump in a couple of days or so.
LTC traders are recommended to wait for BTC to peak during its pump, and then entering altcoin position as soon as the Altcoin season begins.
No matter how we look at it, LTC’s price right now is quite a profitable entry point for many and could be ideal time before the halvening hype starts in full swing during the last two weeks of July.