English
Arabic
Chinese (Simplified)
Dutch
French
German
Italian
Portuguese
Russian
Spanish
Seasoned dealer and creator of the Bollinger Bands technical indicator, John Bollinger, believes {that a} once-promising commerce setup on Litecoin (LTC) is on the verge of tapering off with out a payoff.
The dealer tells his 226,300 Twitter followers that after Litecoin’s “extended squeeze” as depicted on the Bollinger Bands indicator, the Twenty second-largest crypto asset by market cap dangers tapering off.
“For this reason I don’t love extended squeezes, good setups usually simply fizzle out. LTC/USD.”
A Bollinger Band squeeze occurs when the value volatility of an asset drops to low ranges and the decrease and higher bands of the technical indicator constrict. Sometimes, such squeezes foreshadow breakouts.
Based on Bollinger, extended squeezes are not as efficient as the common squeeze setup.
“It isn’t that extended Squeezes don’t work, it’s simply that they don’t work in addition to my most popular setup, Squeeze and GO!”
Since June Litecoin has ranged between a excessive of about $67 and a low of $46. Litecoin is buying and selling at $51.16 at time of writing.
A few week in the past, Bollinger warned that Litecoin was probably foreshadowing a head pretend out on the each day chart.
“Creating: Litecoin seems to be like it’s establishing for a Head Faux out of a Bollinger Band Squeeze.”
A head fake-out happens when the value of an asset strikes in a sure course however then makes a reversal and turns in the wrong way.
Prodded by a follower who claims that the rationale for Litecoin’s lengthy keep in a slender vary is solely basic as LTC “misplaced any actual relevance” after the emergence of Ethereum (ETH), Bollinger says that each Bitcoin (BTC) and Ethereum are additionally buying and selling in a variety.
Bitcoin is buying and selling at $19,188 at time of writing whereas Ethereum is exchanging arms at $1,299.
Do not Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox
Examine Price Action
Comply with us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses it’s possible you’ll incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in affiliate marketing online.
Featured Picture: Shutterstock/Nadiia_Semyroz
