Forget Lightning, Litecoin Is About To Strike Twice Against Bitcoin

Tony "The Bull" Severino

1 year ago

3 mins read

litecoin bitcoin ltcbtc lightning-768801_1280

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Litecoin is cleared for takeoff after a brutal downtrend against Bitcoin and the dollar. Could the cryptocurrency known as digital silver be the next altcoin to pop like Ethereum, Dogecoin, and the rest of the pack?

Here’s a closer look at the technical signals suggesting a change in the tides is here – a reversal that could cause lighting in the LTCBTC trading pair to strike for a second time.

The Long Running Deviation Between Digital Silver And Gold

The digital gold narrative has fueled much of Bitcoin’s growth over the last two years. Being the “fastest horse in the race against inflation” and a way for corporations to protect treasury reserves has brought the crypto market to the mainstream.

Following Bitcoin, Ethereum went for a long run that’s still ongoing today, and other altcoins like Dogecoin have been the talk of finance. Yet still, Litecoin lagged behind.

The once top ten titan of a cryptocurrency has since fallen out of the list completely, and has some catching up to do. That time could be now, however, as momentum on the highest timeframes against Bitcoin have begun to turn up for Litecoin.

Momentum is turning up after more than 666 days of Litecoin holder hell | Source: LTCBTC on TradingView.com

Litecoin Ready To Strike Back Against Bitcoin Like Lightning

Litecoin has now spent a hellish 666 days in a downtrend against BTC, letting digital gold steal the entire show for several years. But like the real relationship between physical gold and silver, after gold makes a run, the silver ratio improves in the following months to years.

The same is happening now with Litecoin, now that an altcoin season is back across crypto, and lower liquidity coins begin to rake up all the capital.

Related Reading | Litecoin On The Verge Of Monster Move

It takes less capital to move the price of these coins further, and after such a long-stretch of negative sentiment in Litecoin while Bitcoin soaked up all the positivity, it could result in an especially powerful move.

All the same perfect-storm conditions are back from the last time the tides changed. The LMACD is turning up on monthly timeframes, suggesting momentum is in bulls’ favor.

The downtrend both times lasted roughly the same amount of time, and the big move up came after breaking above the middle-Bollinger Band – something that is clearly happening again now according to the chart pictured above.

With Bitcoin diving, and Litecoin and other altcoins getting their day in the limelight now, there’s a chance the massive move is only just beginning. Measured move targets point to as much as a 240% move against Bitcoin. Will LTC strike BTC for a second time?

Featured image from Pixabay, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.