Worst Case Scenario for Litecoin Long Term
Updated
Many of you are not going to like this. I don't even like what I am seeing.
LTCBTC pair is showing a textbook example of a head and shoulders pattern.
We may currently be seeing a classic pullback into resistance of third fib (green) level, before making a huge dive into the lowest fib level (red) based on the height of the head.
Not entirely sure what would play out after that, possibly a quick recovery or a reversal followed by a few retracements into the second (yellow) fib level.
This is just based on chart patterns. This may easily not play out if LTCBTC makes strong moves fundamentally on the development of the coin.
I will be cautious when it comes to investing in Litecoin in the near future.
LTCBTC pair is showing a textbook example of a head and shoulders pattern.
We may currently be seeing a classic pullback into resistance of third fib (green) level, before making a huge dive into the lowest fib level (red) based on the height of the head.
Not entirely sure what would play out after that, possibly a quick recovery or a reversal followed by a few retracements into the second (yellow) fib level.
This is just based on chart patterns. This may easily not play out if LTCBTC makes strong moves fundamentally on the development of the coin.
I will be cautious when it comes to investing in Litecoin in the near future.
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