By CCN Markets: Litecoin’s recent block reward halving was supposed to be a bullish catalyst for the LTC price. Unfortunately, the long-anticipated event failed to help the struggling cryptocurrency rally against Bitcoin.
Instead, it merely provided even more ammunition for Litecoin critics.
Litecoin halving the price lol
— PonziBonziBb (@jerry4562) August 20, 2019
From a short-term perspective, it appears that LTC/BTC is hanging on for dear life. However, Trader Max noted two bullish patterns that could ignite a massive rally.
In a conversation with CCN, the analyst noted the formation of a large bullish wedge on the three-day chart. More importantly, the market is also printing a triple bottom pattern, suggesting that the long-term support of 700,000 satoshis is intact.
Trader Max said:
“Triple bottom support with a sort of (not the most perfect) falling wedge on dropping volume. We have to assume this green level will act as support again to see price bounce upwards, as the invalidation is very close below and the upside if an uptrend forms is quite large.”
The trader also shared a chart with CCN to illustrate his analysis.
Looking at the chart, it appears that the preservation of the green box could drive the market to the dotted diagonal line.