With institutional demand high for cryptocurrencies, U.S. Bank has announced that it will provide a custody service, available to fund managers. Along with its partner NYDIG, the bank will offer to store private keys for bitcoin, and Litecoin. According to CNBC, U.S. bank is the 5th largest retail bank in America. It was founded in 1863, and has become one of the top ten custody providers with more than $8.6 trillion in assets in its custody.
Technically, Litecoin finds itself in a consolidation that will fuel the next leg to the upside. We think the higher probability move is to the upside once this consolidation and resistance area is broken. If the price reaches the resistance area and reverses sharply, it could go down and retest the support area marked on the chart at $140 but this scenario is a low probability one.
Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Nice chart, but all I'm looking at is the 4 year cup-and-handle pattern along with an interesting W formation. The next few months are meaningless to me. I believe Q2/3 2022 will be shocking for LTC 🚀
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Of course not, it's going back down to 140's before doing anything like that.