Litecoin Massive Bullish Break on Watch
Updated
I don't like Litecoin's fundamentals and technically speaking it's been very weak for the last few years. But even weak names will have their time in the spotlight once in a while and Litecoin's time to shine once again maybe be on the horizon. The only reason why I am even interested in Litecoin at the moment is because of the LTC/BTC weekly chart which has been trading within a descending wedge pattern going all the way back to December 2017 and it's getting really tight.
When a pattern this big, breaks out it will attract a lot of volume from traders if nothing else and will surprise most people. LTC/BTC 4hr recently reversed the daily downtrend and we are now looking at the daily to follow through. Great set-up to trade but not a name I would invest in as we have seen time and time in the past, Litecoin's rallies are often short-lived.
When a pattern this big, breaks out it will attract a lot of volume from traders if nothing else and will surprise most people. LTC/BTC 4hr recently reversed the daily downtrend and we are now looking at the daily to follow through. Great set-up to trade but not a name I would invest in as we have seen time and time in the past, Litecoin's rallies are often short-lived.
Trade closed: target reached
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