Marc_Cee

Litecoin about to see a massive Spike

Long
BITFINEX:LTCBTC   Litecoin / Bitcoin
The fundamentals couldn't be better right now for LTC: Successfull implementation of Segwit, the Lightning Network and Atomic Swaps; the number of Lightning Network nodes and the hashrate is also increasing, which makes Litecoin one of the most secure networks in the space. The halvening is only 8 months away from now, which will reduce inflation and hence boost the demand.
As you can see on the chart, Litecoin actually broke out of this enormous wedge that has been forming for 5 years on the chart against bitcoin . It broke out a couple of times but couldn't hold the price and fell back into the wedge on the support trendline. Lets see if it can bounce off the previous resistance, but I highly doubt it. I expect LTC to retrace back into the wedge and bounce off the support line of the wedge and see a huge spike to the upside. Target of the outbreak could be in 0.04 - 0.045 Satoshi range.

I also discovered a huge inverted head and shoulders pattern that could possibly play out.

What do you guys think?

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