Mimblewimble & Litecoin's Textbook T.A. launch Trigger
Mimblewimble, Litecoin's newest network upgrade activates on the 19th of May 2022, just 4 days away.
We have seen a multi-year decline in Litecoin's ratio versus Bitcoin. This is very similar to the declining imperfect resistance line, we had seen in the 2014-2017 period. This alone from a pattern recognition perspective is interesting but the sole reason to be entering this trade. I believe this swing trade is reaching the ideal entry zone, due to an almost identical bottoming pattern that we have witnessed.
We have seen a very similar pattern highlighted by the Orange and Green circles.
>>> The Orange Circle highlights the break out of the multi-year declining resistance line. This is followed by an around 30% decline in the ratio, in a short period of time.
>>> The Green Circle highlights the bottom area, from where the LTCBTC ratio finds support on the declining resistance line. This was followed by a large move to the upside in the 2017 example. This is a textbook trading signal of a reversal.
I believe their is a 5-7x potential return on this trade. Ratios can even fluctuate in sideways markets, this makes this ratio trade particularly attractive in this volatile environment. Potential to profit on the LTCBTC ratio 5-7x, plus the predicted rally in Bitcoin over the next year (30->150k?).
We have seen a multi-year decline in Litecoin's ratio versus Bitcoin. This is very similar to the declining imperfect resistance line, we had seen in the 2014-2017 period. This alone from a pattern recognition perspective is interesting but the sole reason to be entering this trade. I believe this swing trade is reaching the ideal entry zone, due to an almost identical bottoming pattern that we have witnessed.
We have seen a very similar pattern highlighted by the Orange and Green circles.
>>> The Orange Circle highlights the break out of the multi-year declining resistance line. This is followed by an around 30% decline in the ratio, in a short period of time.
>>> The Green Circle highlights the bottom area, from where the LTCBTC ratio finds support on the declining resistance line. This was followed by a large move to the upside in the 2017 example. This is a textbook trading signal of a reversal.
I believe their is a 5-7x potential return on this trade. Ratios can even fluctuate in sideways markets, this makes this ratio trade particularly attractive in this volatile environment. Potential to profit on the LTCBTC ratio 5-7x, plus the predicted rally in Bitcoin over the next year (30->150k?).
Comment:
Another day bringing LTCBTC closer to the reversal. Bullish momentum is underway.
Comment:
Think with this crash, combined with Litecoin getting removed from exchanges. The downward momentum makes this crypto unattractive.
