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Home Cryptocurrency news Bitcoin

Litecoin Forming a Multi-Year Top Pattern May Cause an Epic Plunge

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin, Cryptocurrency news, Litecoin
Reading Time: 3min read
litecoin altcoin crypto bitcoin
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Litecoin, the silver counterpart to Bitcoin as digital gold, is often a leading indicator across the crypto market.

If one particular Litecoin chart is accurate, it could be signaling an epic plunge in altcoins against Bitcoin in the coming months.

Litecoin Leads the Way in Crypto, But Is It Toward an Epic Plunge?

Ever since the crypto bubble popped, altcoins have been falling in value to absolute extremes.

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As much as 99% of the value has been completely erased from many top altcoins that were all the rage at the height of the bubble-induced irrational exuberance.

Related Reading | Litecoin Gains 10% Against The Dollar, Is This The Start of an Altcoin Rally?

At the start of last year, altcoins like Litecoin and others showed a glimmer of hope that their woes were reversing.

Buzz surrounding Litecoin’s halving last year helped cause the altcoin to rise as much as 600% at its highs.

During this time, Litecoin led the crypto market into a reversal. But the reversal was later dominated by Bitcoin, which went on a parabolic rally from April 2019 to June 2019.

The monstrous rally in Bitcoin absorbed more of what little remaining value from the altcoin market, including Litecoin, which fell back to a low of around $35.

Not only did Litecoin lead the original rally, but it also led the market in decline following Bitcoin’s rally.

Once again, Litecoin has been leading the market, causing other altcoins to break out from downtrend resistance and help propel even Bitcoin to local highs.

The crypto market is convinced a new uptrend is forming, however, this may only be true for Bitcoin.

litecoin price chart ltc btc

LTC/BTC Chart Shows Multi-Year Head and Shoulders Top

According to the LTC/BTC price chart, Litecoin could be forming a massive, multi-year head and shoulders top that could cause serious destruction to not only the value of Litecoin, but the entire altcoin market.

Altcoins typically rise and fall in tandem, and heavily rely on Bitcoin’s trend to dictate overall direction. However, oftentimes Bitcoin’s rallies cannibalize altcoins as a result of FOMO from one crypto asset to another.

Head and shoulders top targets are typically measured by the height of the head from the base of the trend line. This would result in an over 70% drop in Litecoin against Bitcoin on the LTC/BTC trading pair.

It also could mean a significant drop further in altcoins across the board, as Litecoin has historically acted as a leading indicator for the rest of the market.

Related Reading | Litecoin Lights Path To Crypto Market Bottom, Halving Nothing but Hype 

Head and shoulders tops often also often result in a strong throwback to support turned resistance as can be seen in the chart examples above. This throwback would explain the current bullish rally, but would ultimately cause the rally to fail as a bearish retest before an epic plunge deeper.

Tags: altcoinsbitcoincryptohead and shouldersLitecoin
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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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