A crypto strategist that has earned the “Master Trader” ranking on the Digital Asset Exchange Bybit thinks that Litecoin (LTC) is preparing for a large burst at the top.
Pseudonym Analyst Bluntz tells his 315,900 followers on the social media platform X that looks Bullish against the US Dollar and Bitcoin (BTC).
According to the Trader, LTC seems to have completed an ABC -correcting wave against the US dollar while he flashed a bullish swing error pattern (SFP) on his Bitcoin pair.
Bluntz practices the Elliott golf theory, which states that a bullish is active to see a new five-golf rally after completing an ABC correction. In the meantime, a Bullish SFP is a reversal signal that indicates that sellers were trying to push the price of an active down, but the strong demand pushed the prices higher.
Says Bluntz,
“LTC of all things is acting as the market knows that an ETF (listed fund) is on its own, very strong against USD purple and a weekly SFP on the BTC purple.
I have not seen anything that Bullish has been looking as clearly as this. ”
Looking at the graph of the trader, he seems to predict that Litecoin will shatter resistance at $ 147, it will re -test as support and rally up to $ 180 – a level that is last seen during the Bull market of 2021.
Bluntz is not the only trader who is Bullish on Litecoin. In December, Veteran trader Peter Brandt told his 777,300 followers on the social media platform X that Litecoin “has the potential to become another powerful graph” after LTC rose above $ 100.
At the time of writing, Litecoin acts for $ 119.60.
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Generated image: midjourney