Investors are thanking analyst who called them idiots
The analyst and economist, notorious for his wrong predictions, blessed Litecoin with a reversal ahead of the new year after calling LTC holders stupid. The Litecoin community has already thanked the CNBC host for helping out their favorite coin.
Sudden reversal
The daily chart of the asset suggested nothing but the continuation of the downtrend in the foreseeable future as LTC plummeted from the local high at $81.5 and tumbled down to $69, which has been considered as a straightforward reversal signal.
However, after Jim Cramer made his controversial statement recently, Litecoin surprisingly rallied to the local resistance level, after hitting a low of $60. Technically, given the explosive nature of the recent rally, such a move could end up in favor of digital silver. Corrections often become the foundation for a continuation of a rally, which may be the case with LTC here.
On Dec. 15, Litecoin was on the verge of delivering a strong and bullish “golden cross” signal that could have become the start for a prolonged uptrend. Unfortunately, underlying market conditions led to a reversal that might turn into a correction ahead of the long uptrend in the foreseeable future.
Cramer’s “Curse”
Most people in the traditional and cryptocurrency trading community know Jim Cramer for his phenomenally bold and usually wrong predictions. The inability to accurately set price targets and goals for various assets has led to the creation of several memepages in Twitter such as Inverse Cramer.
The account tracks the performance of Jim Cramer’s picks and does the opposite of what the analyst recommends, quite often ending up as a winner. Cramer’s last pick was the S&P500 rally in December. At press time, the index is down by more than 7%.
