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Veteran Trader John Bollinger Says Litecoin Fizzling Out, Updates Outlook on Ethereum and Bitcoin

Veteran trader and creator of the Bollinger Bands technical indicator, John Bollinger, describes Litecoin’s once-promising trade setup (LTC) is on the verge of disappearing with no reward.

trader To tell His 226,300 Twitter followers say the 22nd largest cryptocurrency by market cap is at risk of stalling after Litecoin’s ‘prolonged squeeze’, as shown by the Bollinger Bands indicator. .

“This is why I don’t like long squeezes. Good setups often fail. LTC/USD.

Source: bbands/Twitter

Bollinger band squeeze occurs when an asset’s price volatility drops to a low level and the lower and upper bands of a technical indicator contract. Such squeezes usually portend breakouts.

Long squeeze, according to Bollinger is not As effective as the average squeeze setting.

“It’s not that long squeezes don’t work, they just don’t work as well as my preferred setup, squeeze and go.”

Since June, Litecoin has been hovering between highs around $67 and lows around $46. Litecoin is trading at $51.16 at the time of writing.

About a week ago, Bollinger warned That litecoin may have foreseen a head fakeout on the daily chart.

“In development: Litecoin appears to be preparing a head fake from the Bollinger Bands squeeze.”

A head fake out occurs when the price of an asset moves in a particular direction and then reverses and changes in the opposite direction.

LTC “lost real relevance” after the emergence of Ethereum, prompting followers to argue that the reason Litecoin has stayed in a narrow range for so long is purely fundamental (ethereum), Bollinger To tell Bitcoin (Bitcoin) and Ethereum are also range trading.

At the time of writing, Bitcoin is trading at $19,188 while Ethereum is trading at $1,299.

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Featured Image: Shutterstock/Nadiia_Semyroz

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