LTCN has created a giant cup and handle pattern. If this measured move plays out which i believe it will we could a prior all time high at least. This is all dependent on what Litecoin will do obviously and if you read my in depth analysis you see that I believe Litecoin will be worth more than 10k in the coming years.
Grayscale has also filed to convert its Litecoin Grayscale Trust to an ETF, which will almost certainly happen. This is also why the price of LTCN has lost most of its premium and is coming down to its NAV price. LTCN will follow Litecoin to its NAV price from here on out more than likely so dont expect wild swings unless Litecoin makes wild swings.
There is a bearish scenario I must tell you about as well. The chart pattern you see is a cup and handle but also the triangle price action has been in since the pump is a descending triangle. Descending triangles are normally bearish. A break below the support line and a closure below would mean LTCN comes down to probably 3 to 6 dollars. This is highly unlikely unless the entire crypto market tanks and Litecoin comes down to 30 dollars. I dont see that happening but I thought I would point that out. There are instances where the descending triangle is bullish. This is probably one of them, where the price continues to bounce off the lower support line but fails to break through finding support and eventually breaking out of the triangle to the upside. There could be a false breakdown trapping short traders before the move up as well so dont be fooled. BBWP is indicating a sizeable move coming it just doesnt tell us what direction. From my analysis I believe its a 90% chance we break up.
This is not financial advice this is just my opinion. Follow me for more updates. Thank you and good luck my friends.
Grayscale has also filed to convert its Litecoin Grayscale Trust to an ETF, which will almost certainly happen. This is also why the price of LTCN has lost most of its premium and is coming down to its NAV price. LTCN will follow Litecoin to its NAV price from here on out more than likely so dont expect wild swings unless Litecoin makes wild swings.
There is a bearish scenario I must tell you about as well. The chart pattern you see is a cup and handle but also the triangle price action has been in since the pump is a descending triangle. Descending triangles are normally bearish. A break below the support line and a closure below would mean LTCN comes down to probably 3 to 6 dollars. This is highly unlikely unless the entire crypto market tanks and Litecoin comes down to 30 dollars. I dont see that happening but I thought I would point that out. There are instances where the descending triangle is bullish. This is probably one of them, where the price continues to bounce off the lower support line but fails to break through finding support and eventually breaking out of the triangle to the upside. There could be a false breakdown trapping short traders before the move up as well so dont be fooled. BBWP is indicating a sizeable move coming it just doesnt tell us what direction. From my analysis I believe its a 90% chance we break up.
This is not financial advice this is just my opinion. Follow me for more updates. Thank you and good luck my friends.
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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.