A crypto strategist who has earned the “Master Trader” rank on the digital asset exchange Bybit thinks Litecoin (LTC) is gearing up for a big burst to the upside.
Pseudonymous 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 appears to have completed an ABC corrective wave against the US dollar while flashing a bullish swing failure pattern (SFP) on its Bitcoin pair.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a fresh five-wave rally after completing an ABC correction. Meanwhile, a bullish SFP is a reversal signal indicating that sellers tried to push the price of an asset down but strong demand pushed prices higher.
Says Bluntz,
“LTC of all things is trading like the market knows an ETF (exchange-traded fund) is imminent, very strong against USD pair and a weekly SFP on the BTC pair.
I haven’t seen something that looks as clearly bullish as this in a while.”
Looking at the trader’s chart, he seems to predict that Litecoin will shatter resistance at $147, retest it as support and rally to $180 – a level last seen during the 2021 bull market.
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 chart” after LTC surged above $100.
At time of writing, Litecoin is trading for $119.60.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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