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Home Cryptocurrency news

Litecoin Leads The Way: Does LTC/BTC Price Chart Hint at Bitcoin Correction Target?

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Litecoin Leads The Way: Does LTC/BTC Price Chart Hint at Bitcoin Correction Target?
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Throughout 2019, the entire crypto market has been led by the silver to Bitcoin being digital gold, Litecoin. The crypto asset’s halving is in less than 70 days, and investors are eagerly loading up their bags in anticipation of the pre-halving pump that’s become a meme across the crypto community.

Since Litecoin often leads rallies, dragging other crypto assets along for the ride, price charts of the asset paired against BTC could be telling as to where the Bitcoin price may be targeting if the parabolic rally is truly over and a short-term downtrend is ahead.

LTC/BTC Chart Could Show Sub-$5K Bitcoin Price Target

At the start of 2019, it was Litecoin that led the initial crypto rally out of the depths of the bear market. During that time, some altcoins had been exploding in value relative to BTC prompting many crypto investors to believe an alt season had been brewing. They were wrong.

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Once Bitcoin breached resistance at $4,200 sparking a massive rally in the first ever crypto asset, altcoins diverged and dropped in value significantly relative to their BTC counterpart. The bleeding led to many altcoins reaching new bear market lows in BTC value.

Related Reading | Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher?

Now that Bitcoin’s rally is seemingly over following yesterday’s violent rejection at $9,000 that sent Bitcoin downward to retest support at $8,000, crypto analysts are looking to price charts in an attempt to determine the targets for Bitcoin’s short-term downtrend. One analyst, Bitcoin Jack, believes there are similarities between Bitcoin’s price chart and the LTC/BTC chart that could be telling about where Bitcoin may be headed.

I wonder if Bitcoin will follow a similar structure as LTCBTC pic.twitter.com/T7fHTefAcv

— //Ethereum ?ack ? (@BTC_JackSparrow) May 31, 2019

In the charts, Litecoin painted a bottoming pattern, then rallied through two levels of resistance higher, followed by a rejection at the third level that resulted in a retest of the first resistance turned support. This would place Bitcoin’s short-term correction target at roughly $4,700, according to the above the pattern on the LTC/BTC chart.

Parabolic Rally Correction Was Long Overdue

As the saying goes, what goes up must come down. And after Bitcoin’s parabolic rally that took the price up well over 100% in the matter of two months, crypto investors, traders, and analysts have been anticipating a somewhat large correction.

Related Reading | Crypto Analyst: Litecoin is a “No Brainer”

While Bitcoin declines, it could present an opportunity for that alt season to rear its head once again. BTC dominance has broken through support, and while there was a bounce yesterday, BTC dominance is expected to drop further, giving altcoins room to shine once again. And with Litecoin’s halving just ahead, all of the conditions are right for Litecoin to lead the crypto market recovery.

However, at times, Bitcoin price falling often pulls the value of altcoins down along with it. Should that happen, altcoins could reach further lows while Bitcoin finds support outside of the bear market depths.

Featured image from Shutterstock
Tags: bitcoinbitcoin pricecryptoLitecoinlitecoin price
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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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