The pseudonymous dealer generally known as Cantering Clark tells his 156,000 Twitter followers that LTC is forming a structural sample that beforehand signaled bottoms and reversals.
Cantering Clark’s chart exhibits LTC bouncing off a help degree at round $71.
“Is Litecoin about to wow everybody? I haven’t checked out this for the reason that child got here, and after I did I used to be anticipating a breakdown.
As an alternative there’s plenty of structural and pattern similarity to a previous backside. Distinction is context and an unforgiving setting for threat. Will it care?”
The dealer sees comparable alternatives in Binance Coin (BNB), the native token of the world’s largest crypto trade. He says that the FUD (concern, uncertainty and doubt) that Binance faced in earlier weeks concerning its solvency is prior to now, and that BNB ought to profit from elevated confidence.
“[Eyes] on BNB – Binance fud is generally out of the narrative.
Traditionally a robust pair in opposition to BTC and ETH, so perhaps we see some power and return again to prior norms.
The R:R (threat to reward) for an extended right here on a breakout of the final 2 week vary is properly outlined & failure units up a great brief…
ELI5 (Clarify like I’m 5):
We’re in a contextually engaging space to outline brief time period bias for each instructions. If the lengthy is invalidated by shedding one thing like 253, then a sexy brief alternative with threat outlined above at present’s excessive units up.”
Final week, the favored dealer mentioned that Ethereum (ETH) rival Solana (SOL) was displaying indicators of a backside.
“Seems to be just like the market may really be a bit crowded right here. I feel that my very own interpretation of calling for one more 50% drop together with everybody else calling for $3 is likely to be the sign that this factor is totally one-sided and doubtlessly bottoming right here for the close to future.”
Up to now, the crypto dealer’s name on Solana has been correct. At time of writing, SOL is buying and selling at $13.48, over 62% from its low of $8.30.
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