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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.