Pseudonymous crypto strategist Loma tells his 282,300 Twitter followers that he believes Bitcoin will eventually take out resistance at around $28,800.
However, the catch is that the breakout could take time and BTC may test the patience of Bitcoin bulls.
“Ideally if this consolidation continues upwards, we do NOT get anymore opportunities to load spot buys in the $26,500-$25,500ish level.
Most likely scenario is a crab environment sandwiched between daily highs/daily lows before going higher.
• If not positioned, build positions via range trading.
• If you’re already in, this should be more a test of patience than anything else.”
Looking at Loma’s chart, he appears to be predicting a Bitcoin breakout before April expires, leading to a strong BTC rally toward his target at $38,000.
At time of writing, BTC is trading for $28,487.
As for Litecoin, he thinks that LTC is gearing up for a rally toward the key psychological resistance at $100. According to Loma, Litecoin’s reaction at the $100 price level would determine whether LTC rallies toward his target at $140.
“Will be curious to see the reaction at the psychological + technical resistance around $100. Anything sustained strength above that and it’ll just cut through to $130-140 rapidly, in my opinon. Binance-CFTC [Commodity Futures Trading Commission] lows act as a good yardstick to define risk.”
At time of writing, LTC is worth $87.54.
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