John Bollinger, known as a trader and creator of the Bollinger Bands indicator, recently responded to questions about his views on Litecoin. This was in response to the discussions that followed his recent thoughts on the price movement of the Bitcoin alternative.
Bollinger noted that the Bollinger Band “W” pattern, a technical analysis tool he developed, accurately predicted Litecoin’s (LTC) recent price increases. The “W” pattern is a chart formation where price makes two distinct lows that resemble the letter “W” before a significant upward move. This pattern often signals a potential uptrend when it appears on the Bollinger Bands.
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This rather bullish sentiment towards an altcoin caused displeasure among Bitcoin maximalists, who flooded Bollinger’s replies with messages that everything was irrelevant because everything was going to zero against BTC. One comment suggested that it was irrational to hold assets that were losing value against Bitcoin for a decade.
Hold?
Bollinger responded to the criticism by explaining his stance. He said that it is not a good idea to hold Litecoin forever and explained his trading approach in a practical way. He said that while the markets may face various challenges, his strategy is to trade based on technical analysis rather than passively holding assets.
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Bollinger’s comments show that he is committed to a trading strategy driven by market signals rather than long-term holding. This response not only clarifies his position on Litecoin but also reinforces his trading philosophy amid ongoing debates within the crypto community.
