In brief:
- Veteran trader, Peter Brandt, has identified an inverted head and shoulders pattern on the 6hr LTC chart
- If the pattern plays out, Litecoin could retest the February high at around $240
- Litecoin’s MimbleWimble code will be ready by 15th of March thus providing an event for bullish momentum
- Bitcoin regaining $58k could provide Litecoin with the right environment to push higher
Earlier this week, Veteran Trader, Peter Brandt, identified an inverted head and shoulders pattern on the 6-hour LTC/USD chart. According to Mr. Brandt, the head and shoulders pattern playing out as anticipated could see Litecoin retest February levels of $240. However, a drop by Litecoin below $180 negates this possibility.
Mr. Brandt shared his analysis of Litecoin through the following statement and accompanying chart.
LiteCoin $LTC has now completed an inverted H&S pattern. H&S patterns can work, fail or morph.
Yet, if this H&S performs as many do, a test of the Feb high is likely.
Move below 180.00 negates
Litecoin Breaking $245 Should Bring out the Bulls
The team at Weiss Ratings is also for a bullish case for Litecoin. According to Weiss, Litecoin has increased in value by about 15% in the last five days and a push above $245 would bring out the LTC bulls. They shared their analysis of Litecoin as follows.
#LTC is up about 15% in a five-day period but still has a long way to go to get back to recent highs. The level to watch in days ahead is the recent high of $245; a break above that level should bring out the bulls.
Litecoin’s MimbleWimble and a Bullish BTC Could Provide the Perfect Environment
From a fundamentals point of view, the final code to Litecoin’s MimbleWimble upgrade will be available for review on the 15th of this month. In the event the MimbleWimble code is accepted by Litecoin miners, the LTC network will eventually have optional privacy features that will allow users to obfuscate the amount sent in each transaction.
Secondly, Bitcoin is once again in bullish territory thanks to institutions accumulating BTC and the $1.9 Trillion stimulus bill recently signed into law by President Biden. Earlier today, Bitcoin retested the $58k price ceiling before dropping to the $55,700 support zone.
If Bitcoin can conquer and maintain $58k as support, it would provide Litecoin with the perfect environment to push towards the $240 level and even higher.
At the time of writing, Litecoin is trading at $209 and remains in bullish territory as the weekend begins.