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.
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.”