Strong rallies on the table for Bitcoin (BTC) and Litecoin (LTC), according to crypto strategist – but there’s a catch
A popular cryptoanalyst predicts potential increases for Bitcoin (BTC) and peer-to-peer payment network Litecoin (LTC).
Pseudonymous crypto strategist Loma tells his 282,300 Twitter followers that he believes Bitcoin will eventually take out resistance around $28,800.
However, the catch is that the breakout could take time and BTC could test the patience of Bitcoin bulls.
“Ideally if this consolidation continues upwards, we will NOT get more opportunities to load spot buys in the $26,500-$25,500ish level.
Most likely scenario is a crab environment sandwiched between daily highs/daily lows before going higher.
• If not positioned, build positions via range trading.
• If you’re already in, this should be more of a test of patience than anything else.”
Looking at Lomas’s chart, he seems to be predicting a Bitcoin breakout before April ends, leading to a strong BTC rally towards his target of $38,000.
At the time of writing, BTC is trading at $28,487.
As for Litecoin, he believes that LTC is preparing for a rally against the key psychological resistance of $100. According to Loma, Litecoin’s reaction to the $100 price level will determine whether LTC rallies towards his target of $140.
“Will be curious to see the reaction to the psychological + technical resistance around $100. Everything was in strength above that and it will just cut through to $130-140 quickly, in my opinion. Binance-CFTC [Commodity Futures Trading Commission] low targets serve as a good yardstick for defining risk.”
At the time of writing, LTC is worth $87.54.
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