Litecoin Signal Shines, Suggests Downtrend Against Bitcoin Is Over

Tony "The Bull" Severino

1 year ago

3 mins read

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Litecoin is trading at around $200… still. The altcoin has failed to set a new all-time high like Bitcoin, Ethereum, and others in the top ten have, yet it has clung onto the ranks for its entire lifetime.

A signal has appeared – across several of the highest timeframes – that could suggest that the long downtrend against Bitcoin is about to come to an explosive ending.

Litecoin Loses Luster During Bear Market, Can’t Catch A Spark

Few coins have had as difficult of a time recovering since the last bull market as Litecoin has. The only other coin in the top ten to struggle so severely is XRP, and the coin’s parent company Ripple is locked in a legal battle with the SEC.

Litecoin has no such issue to keep its prices down, yet the coin has yet to do much better than its 2019 peak, and is not even halfway recovered to its previous all-time high around $418 per LTC.

Meanwhile, Ethereum just smashed above $2,000 and Bitcoin is trading at around $60,000 per coin – more than three times its former high.

The rise in Bitcoin but subsequent stagnancy in Litecoin, has caused the altcoin to absolutely nosedive in terms of the LTCBTC trading pair. But with a handful of potential reversal signals forming on the ratio, things soon could turn around for an extended phase.

A TD 13 signal has triggered on the LTCBTC monthly | Source: LTCBTC on TradingView.com

LTCBTC Reversal: The Sign That Things Could Finally Turn Around For The Altcoin

After Litecoin peaked, it spend nine full months in a downtrend against Bitcoin until a TD 9 signal appeared. The altcoin then saw a short-term boost with its halving in 2019, but after it peaked then, its been all about Bitcoin in the crypto industry ever since.

Following a bear market bounce, the altcoin fell for another consecutive 25 months, ignoring another TD 9 and instead reaching a TD 13 countdown on monthly timeframes. Coinciding with a narrowing pattern on the Relative Strength Index, an explosive breakout is imminent.

The same powerful 13 countdown is evident on quarterly timeframes also | Source: LTCBTC on TradingView.com

The TD 13 has also appeared on even more powerful timeframes, such as the LTCBTC quarterly represented in the chart above.

Zoomed in even further for the chart below, there’s even a TD 9 within the past week on daily timeframes.

A less powerful TD 9 on daily timeframes may have kicked off the turning point | Source: LTCBTC on TradingView.com

Both a TD 9 and TD 13 signal suggest a trend is reaching a point of exhaustion, and due to turn around. And it already has since the daily TD 9 triggered.

The LTCBTC pair is now higher, and there’s green forming in a sea of red finally. If the tides finally turn, and Bitcoin maintains relatively high prices, the cost per Litecoin could explode as it finally plays catch up with the likes of its digital gold counterpart, Ethereum, and the rest of the altcoin space.

Featured image from Deposit Photos, 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.

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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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