Litecoin LTC Bear flag and H&S, Part 4

Updated

Litecoin' completed it's move up, but eventually got stopped inside this big channel. With a few attempts to break that bearish pattern, it failed and started to drop again to the low of this channel. On the right we can see a bear flag or triangle. With the triangle having the the purple circle as a target and the bear flag having the yellow circle as a target. Usually the bear flag has the upper hand here, because triangle normally get formed after a second or third wave up/down, not at the first one. But a lot will probably depend on Bitcoin' of what it will do the coming days. For Litecoin', i think it's important that it stays above the support line of this channel and does not go towards the green zone again. Because it will become less likely this time that the support will hold.

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Previous analysis:

Note

Looks like a small inverse H&S here, neckline broke already, but the volume is not great though, so it can easily fail. Looking at other alts, there are more that are carefully trying to move up as well with a sideways Bitcoin. But if Bitcoin doesn't follow the rest within a few hours or so, it can all fail again, something we have seen happening many times in the past during moments like these.

LTC may not drop through the green zone, because that would invalidate the inverse H&S. The red zone will be a tough one to break

Note

New LTC analysis:

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