Litecoin the Rumpelstiltskin of Crypto Ready to Wake Up

I hope Santa treated everyone well for the holidays. It’s been a while since I’ve shared some TA, I thought it might be good to check out a dark horse which has been showing some signs of life and a bit of buzz lately. Dino-Coin everyone loves to hate – Litecoin.

On the LTF (1D) Point and Figure, the formation is currently printing a reaccumulation pattern, with strong support consolidating around the $97 handle after printing a Shakeout Spring pattern to the $87 handle in Phase B, a subsequent test of that support at the $97 handle, and a Jump Across the Creek (JAC) in Phase C.

The horizontal price count suggests a potential near-term move to the $140 from a Sign of Strength (SOS), with the potential to cap out the Buying Climax (BC) at the $170 handle.

Given Bitcoin PA appears to be in Phase E of a distribution pattern targeting the $87,000 handle, it’s possible the $87 handle would be tested during this Bitcoin distribution cycle.

Should Litecoin break support at the $97 handle and successfully retest support at the $87 handle, the horizontal price count in this scenario suggests a potential near-term move to the $129 from a Sign of Strength (SOS), with the potential to cap out the Buying Climax (BC) at the $170 handle.

A break below $86 would show a Change of Character from accumulation to distribution, which would invalidate the formation.

Always remember this is not trading advice.

Outside of that, Happy Trading.