0
📰 News
2985 views

Crypto Trader Says "Pray for Litecoin" After Digital Silver Formed Major Bearish Pattern

  • Alex Dovbnya
    📰 News

    Litecoin has formed the bearish “Head and Shoulders” reverse pattern, which signals the end of an uptrend

Crypto Trader Says "Pray for Litecoin" After Digital Silver Formed Major Bearish Pattern
Cover image via www.123rf.com

Trader CryptoThies has noticed that Litecoin has formed a textbook definition of the Head and Shoulders (H&S) patterns on the three-day chart, which tends to accurately predict a bearish trend reversal.


LTC’s short-lived peaks in May and September formed the shoulders while its 2019 peak of $141 that was registered on June 21 formed the head.

👉MUST READ

Former Presidential Candidate Ron Paul to Speak at Litecoin Summit in October

Former Presidential Candidate Ron Paul to Speak at Litecoin Summit in October

According to statistical data, traders should expect a bearish exit in 93 percent of all cases, which might explain why only prayers could save the digital silver at this point.

LTC is changing hands at $55.98 at press time with a 0.83 percent drop over the last 24 hours, according to CoinStats data.

As reported by U.Today, Litecoin dropped to sixth place on CMC after a huge market sell-off.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
0
📰 News
122 views

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

Join our Telegram channel to get news even faster!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings