The Litecoin price crashed to ‘bedrock’ support against Bitcoin this month. One trader says it now offers ‘maximum financial opportunity.’ | Source: Shutterstock
By CCN Markets: Litecoin’s recent halving was unfortunately met by intense selling against Bitcoin. The downward pressure was so intense that the crypto token plunged to a fresh 2019 low of 700,100 satoshis (~$72) on August 17th.
Recent price action suggests that there’s nothing bullish about the chart of the fifth-largest cryptocurrency. However, that’s precisely why one contrarian crypto trader believes Litecoin currently presents investors with “maximum financial opportunity.”
Litecoin Price Slides to ‘Bedrock Support’
Pseudonymous crypto trader Loma wrote on Twitter that the Litecoin price is resting on “bedrock support” in LTC/BTC markets.
“An objective chart is showing LTC on bedrock support in a falling wedge. Maximum point of opportunity.”
Humor me if you will. Let us suggest, for a moment, that $LTC is not in fact a scam. Let us assume that somehow, inconceivably, crypto twitter is wrong for the first time.
An objective chart is showing LTC on bedrock support in a falling wedge. Maximum point of opportunity. pic.twitter.com/qSH8xkNSji
— Loma (@LomahCrypto) August 18, 2019
The analyst’s claim that Litecoin is at the point of maximum financial opportunity is difficult to dismiss.
First, the crypto token appears to be respecting its bedrock support of 700,000 satoshis. This demand area has been under the control of the bulls since October 2017. In other words, the market has bounced every time it tapped this level.
Additionally, the trader said that Litecoin is printing a large falling wedge. The structure is visible on the daily,