Veteran Trader John Bollinger Says Litecoin’s Bullish Momentum Has Fizzled Away
Litecoin’s bullish momentum has likely fizzled out. Veteran trader John Bollinger explains why
Veteran trader John Bollinger claims that Litecoin’s bullish momentum has fizzled out in a recent tweet.
As reported by U.Today, Bollinger noted that the popular altcoin was forming a Bollinger squeeze on its weekly chart. The cryptocurrency had been trading in a tight range for roughly half a year.
The Bollinger band squeeze usually takes place after a long period of anemic price action.
However, Bollinger now explains that there was a prolonged setup, which is usually not a good sign.
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In a follow-up tweet, the legendary trader suggests that Litecoin failed to stage a comeback due to losing any relevance.
When asked why he picked the O.G. altcoin, Bollinger said that trading LTC “just worked for him.”