LTC: Complex Patterns Require Different Perspectives!
Dear Litecoin traders, let's first have a look at the last analysis:
=> We perfectly upheld the purple rectangle as support. The difference of Litecoin's H&S pattern to BTC's is first of all the neckline, which is much wider in the range. So the break of 95 would first of all have to see follow-through underneath 92. Once that zone is broken though, we could go towards the previous lows:
If Litecoin can hold the range, I'd like to point you towards a much more complex inverse H&S, which is going on on the Daily timeframe:
On the 4H you can see the neckline clearer:
=> Any move will highly depend on grandpa BTC.
As you can see, recognizing patterns is not always an easy task. Much more important than looking at stuff from a textbooks perspective is to understand the psychology behind those patterns. Instead of being dogmatic about it, you have to be always open-minded about your options. If you want to learn those patterns once and for all for yourself, instead of depending on other people, let me know.
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
=> We perfectly upheld the purple rectangle as support. The difference of Litecoin's H&S pattern to BTC's is first of all the neckline, which is much wider in the range. So the break of 95 would first of all have to see follow-through underneath 92. Once that zone is broken though, we could go towards the previous lows:
If Litecoin can hold the range, I'd like to point you towards a much more complex inverse H&S, which is going on on the Daily timeframe:
On the 4H you can see the neckline clearer:
=> Any move will highly depend on grandpa BTC.
As you can see, recognizing patterns is not always an easy task. Much more important than looking at stuff from a textbooks perspective is to understand the psychology behind those patterns. Instead of being dogmatic about it, you have to be always open-minded about your options. If you want to learn those patterns once and for all for yourself, instead of depending on other people, let me know.
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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