Litecoin On The Verge Of Monster Move Against Bitcoin

Tony "The Bull" Severino

1 year ago

3 mins read

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Litecoin has been among the worst performers in the crypto market in 2020 and 2021 thus far, despite the coin’s longevity in the top ten assets by market cap.

The coin’s fortunes could soon turn completely around, due to what looks to be a monster-sized move brewing against Bitcoin on the altcoin trading pair. Here’s why technicals suggest that near and mid-term Litecoin should outperform the top cryptocurrency by miles.

Litecoin Longevity Helps Altcoin Maintain Top Ten Crypto Cap Ranking

The cryptocurrency market is constantly changing. The top ten cryptocurrencies by market cap currently looks vastly different now than it did one year ago. Coins that were in the top ten during the last bull market, are now no longer part of that elite.

XRP, a coin ranked in third for most of its lifetime, nearly plummeted completely from the top ten – but has since made a dramatic recovery.

Another coin the cryptocurrency bull run has mostly ignored, has been Litecoin. Along with Ripple, the altcoin dubbed digital silver have lagged behind the rest of the top ten assets, yet some how have clung on. Both of failed to set a new all-time high, but according to technicals, they’re next in line to do so.

Several bullish technicals suggest a major breakout and monster move is coming | Source: LTCBTC on TradingView.com

LTCBTC Monthly Technicals: On The Brink Of A Monster Bullish Move

Litecoin is an offshoot of Bitcoin code and often considered the silver to the digital gold narrative. The digital gold narrative has taken Bitcoin’s market cap to $1 trillion, but like silver lagging behind gold itself, Litecoin has barely been a blip on anyone’s radar.

However, bullish technicals on the LTCBTC trading pair are indicating a massive move against Bitcoin.

If a full turnaround starts now, a perfected TD 13 countdown marked the bottom with incredible precision. Supporting a major reversal on the altcoin ratio against Bitcoin, the monthly Stochastic indicator has crossed upward after spending two years in the bottom range. Coinciding with the crossover, the monthly Relative Strength Index has fallen back to touch a support level that wasn’t tapped since 2015.

The logarithmic MACD is also rolling upward, falling short of a bullish crossover just yet. The often considered lagging indicator is instead a signal that there’s clear skies ahead, and is more of a confirmation that a reversal has taken place.

Turning upward the last time in early 2017, took Litecoin to its current all-time high. After holding onto the top ten like a champ, it could finally be time for digital silver to shine.

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.

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