Starting with Litecoin, the pseudonymous analyst Bluntz tells his 223,000 Twitter followers that the 14th-largest crypto asset by market cap is consolidating in readiness for what could be a breakout.
According to Bluntz, the upcoming halving of Litecoin is likely to keep the altcoin bullish. Litecoin’s third halving is expected to occur in about two months.
“Solid high timeframe contraction happening on LTC. I think the halving narrative keeps this one propped up.”
Looking at the chart, it appears that the analyst is predicting a symmetrical triangle breakout for Litecoin en route toward his target above $110.
Litecoin is trading at $86.96 at time of writing.
Turning to Bitcoin and Ethereum, the pseudonymous analyst says that the two leading crypto assets could trade in a range for a while before breaking down. However, Bluntz says that the plunge could take some time.
“So far, lows holding on both BTC and ETH.
Wouldn’t be surprised to see a more longer drawn-out channel/bear flag play out here, doesn’t quite look like a breakdown is imminent just yet.”
Bitcoin and Ethereum are trading at $26,471 and $1,814, respectively, at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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