It’s so easy to trade right now. I mean, you got options. You can HODL and still make money—the most straightforward strategy there is.
Alternatively, you can be tracking digital assets’ correlation. While you may check out the Bitcoin DXY correlation for ideas, it may turn out the BTC-LTC relationship is even more direct.
Check this out: Litecoin and Bitcoin are a cut of the same cloth in that Litecoin forked from Bitcoin. So, it’s pretty easy. If Bitcoin is blasting past resistances, it might be easier to buy Litecoin, right?
Litecoin can Easily Rise 6X to $1.5k
Litecoin is up an impressive 4.5X year-to-date, a reason why one trader on Trading View, KingThies, says LTC is on track to reach $1.5k as early as June to July 2021. That’s another 6X from spot rates—super delicious!
He expects LTC bulls to blast above 2017 highs now that prices are slowly but gradually approach zones where LTC found itself three years ago.
In that eventuality, the resulting blowout would be the required catalyst to sparked another wave higher.
However, this time LTC would post a new all-time high. It is an attractive proposition for bulls sitting on a pile of LTC complaining of non-descript price action.
Litecoin is Bullish without a “Bubble,” Just HODL
It explains the rallying calls from the Litecoin HODLer community.
If LTC/USD is ready for $1.5k—based on Kingthies’ prognosis, a 6X, there is every reason to HOLD. It is so because this is a message another trader, ProSignalsFX on Trading View, is reiterating. His rallying call: HODL LTC for some more.
The reason is quite simple. From his LTC/USD chart, the trader notes that unlike BTC/USD chart, LTC is oscillating within a rising structure in a solid uptrend.
Herein, he observes that despite losses of mid-April, the main multi-month support trend line is still valid. Accordingly, there is no need to panic, worrying about “bubbles.”
A second glance of the LTC/USD confirms his bias.
Notably, the coin remains in a clear uptrend as prices trend inside a rising wedge with clearly defined support and resistance levels.
Based on the community’s consensus, there could be room for more upsides provided LTC bulls build on this week’s three-bar bullish reversal pattern.
If there is an influx of traders and volumes rise, odds of LTC bulls breaching above $320 and printing new all-time highs as buyers aim for $1.5k—based on KingThies’ projections would be valid.
Litecoin Bulls Can Also Target $475
Still, we should remain practical. It may take weeks, if not months, before LTC prints a new all-time high above $320.
Before LTC reaches four digits, another bull trader on Trading View, Diarioinversor, predicts LTC/USD bulls to ease past April highs and reach $475 in the medium term.
The trader uses a combination of technical indicators, predominantly Exponential Moving Average (EMA).
Based on the daily chart, he notes that LTC found support at the EMA 50. It is a reliable, flexible line and a loading zone for ambitious LTC bulls over the last few months.
At the same time, his RSI stochastic indicator reveals a buy signal deep in the oversold territory.
Combining these two signals–already when there is a three-bar bullish reversal pattern in the daily chart–strengthens the case for ambitious bulls.
Realistic targets based on this setup, and as laid out by the trader, will be $475—the 1.618 Fibonacci extension level of the recent trade range.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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