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Home Cryptocurrency news Litecoin

This Leading Altcoin Only Has 8% Chance of Further Decline Against Bitcoin

Tony Spilotro by Tony Spilotro
10 months ago
in Litecoin, Bitcoin, Cryptocurrency news
Reading Time: 2min read
litecoin altcoins bitcoin
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Altcoins have been absolutely dominated by Bitcoin over the last several years of crypto bear market. While the first-ever cryptocurrency has reached nearly 50% of its former all-time high, most altcoins remained down 90% or more.

However, based on probabilities alone, an altcoin recovery that brings the assets more on par with Bitcoin may be brewing. Here’s what the data suggests.

The Incredible Altcoin Boom That Burst The Crypto Bubble

When the mainstream public first learned about Bitcoin in 2017, they FOMOed into the asset driving its price to its peak at $20,000.

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At the same time, money-hungry investors bought up any altcoin they could hoping to find ‘the next Bitcoin.’

Altcoins like Litecoin, Ethereum, Ripple, and countless others surged to all-time high valuations.

Related Reading | Alts Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

After the bubble popped, altcoins crashed by 90% or more. Many remain down by nearly as much even today and after nearly three years passing.

Bitcoin, however, has recovered a large portion of its former high.

During 2019, Litcecoin’s halving brought some buzz and momentum back to altcoins. But Bitcoin once again stole the show, rocketing to $14,000 and leaving alts decimated in its wake.

Sentiment in altcoins has never been lower, but based on probabilities alone, a turnaround could soon be coming.

Litecoin Could Soon Lead Alts To Major Recovery Against Bitcoin

Litecoin often acts as a leading indicator for the greater crypto market. It can even tip off traders as to what to expect from Bitcoin or other alts.

It led the initial rally in early 2019 that prompted Bitcoin’s breakout bull run that summer.

Litecoin may once again be providing some interesting clues on what’s to come in crypto.

ltcbtc litecoin bitcoin 3m

Litecoin LTCBTC 1M & 3M Divergence, Fisher Transform, TD Sequential | Source: TradingView

The Fisher Transform indicator on the LTCBTC trading pair has given a reading of a -2 deviation. This suggests there’s only a tiny, 8% chance of Litecoin declining further against Bitcoin.

Related Reading | These Alts Set a New ATH While Bitcoin And Ethereum Tank

LTCBTC is also at the range low, is extremely oversold, and a perfected TD 9 buy set up triggered on  3-month time frames. The TD Sequential indicator has been highly reliable in crypto trading on lower timeframes like daily and weekly.

The largest timeframes, however, are given the most weight in technical analysis, making the signal that much more important.

This suggests that after 27 months’ worth of downtrend, Litecoin is ready to regain against BTC.

And with the asset commonly acting as a leading indicator for all altcoins, a much-needed alt season could finally arrive.

Tags: bitcoincryptoLitecoinltcltc/usdltcbtcLTCUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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