Breakdown for the Zoomers:
The best way to determine a particular cryptocurrency's potential break out is to view it's pairing with Bitcoin. With Litecoin...that history goes back a LONG ways since it is THE OG alt coin. As you can see on the monthly chart, Litecoin has been in a falling wedge since basically it's inception. When it moves up within this wedge to test the top, it moves FAST. When it's not moving up, it is unbearably slow and bleeds bleeds bleeds. Because of this, a lot of LTC traders become frustrated by holding it because it usually underperforms against bitcoin where pretty much any other crypto would provide better returns. They end up selling but try to keep an eye on it and catch the eventual cycle up to test the wedge (this is important to understand!).
The long running wedge is finally coming to an end this year. The direction LTC decides to take out of it will be a monstrous move (up or down). Considering bullish narratives (mimble wimble, grayscale, massive adoption on all exchanges, etf's, and so much more)...I'm having a difficult time imagining down. As I mentioned, there are many traders that are waiting in the midst to buy this coin and catch it's cyclical move. Coupled with the bullish narratives and the ending of this multi year wedge...this could be an absolutely biblical moment for Litecoin. A potential moment that has haunted the dreams and nightmares of the BTC maxi for years.
The best way to determine a particular cryptocurrency's potential break out is to view it's pairing with Bitcoin. With Litecoin...that history goes back a LONG ways since it is THE OG alt coin. As you can see on the monthly chart, Litecoin has been in a falling wedge since basically it's inception. When it moves up within this wedge to test the top, it moves FAST. When it's not moving up, it is unbearably slow and bleeds bleeds bleeds. Because of this, a lot of LTC traders become frustrated by holding it because it usually underperforms against bitcoin where pretty much any other crypto would provide better returns. They end up selling but try to keep an eye on it and catch the eventual cycle up to test the wedge (this is important to understand!).
The long running wedge is finally coming to an end this year. The direction LTC decides to take out of it will be a monstrous move (up or down). Considering bullish narratives (mimble wimble, grayscale, massive adoption on all exchanges, etf's, and so much more)...I'm having a difficult time imagining down. As I mentioned, there are many traders that are waiting in the midst to buy this coin and catch it's cyclical move. Coupled with the bullish narratives and the ending of this multi year wedge...this could be an absolutely biblical moment for Litecoin. A potential moment that has haunted the dreams and nightmares of the BTC maxi for years.
评论:
BOOMERS! ARISE!!