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John Bollinger, well known as a trader and the creator of the Bollinger Bands indicator, has recently responded to questions about his views on Litecoin. This was in response to the discussions that followed his latest thoughts on the price movement of Bitcoin's alternative.
Bollinger noticed that the Bollinger Band "W" patterns, a technical analysis tool he created, accurately predicted the recent price increases of Litecoin (LTC). The "W" pattern is a chart formation where the price forms two distinct lows that resemble the letter "W" before a significant upward move. This pattern often signals a potential bullish trend when it shows up on the Bollinger Bands.
Such rather bullish sentiment toward an altcoin caused displeasure among Bitcoin maximalists, who began to flood Bollinger's replies with messages that everything is irrelevant because everything against BTC is going to zero. One comment suggested that holding any asset that is losing value against Bitcoin for a decade is irrational.
Holding?
Bollinger responded to the criticism by explaining his stance. He said it is not a good idea to hold onto Litecoin forever and explained his trading approach in a practical way. He said that while markets may face various challenges, his strategy is to trade based on technical analysis rather than holding assets passively.
Who said anything about holding? To quote the trading floor cynic: "We may be going to Gehenna, but we are going to trade our way there."
— John Bollinger (@bbands) August 16, 2024
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.