Litecoin LTC Long Term Low Set or just a Correction, Part 2
Updated
Litecoin' seems to be follow that big bull flag pattern on the left i showed in the weekend. Short term it's still a lot of noise, with Bitcoin' not making a decision yet. On the right there are to options:
1) The H&S, which is less likely after a good strong rally as we did. But if we break the neckline and see an acceleration down with high volume, it will be a confirmation.
2) The H&S is fake, neckline will brake but it will drop slowly like the blue line suggests and it will become a bullish wedge.
For the bullish version, the thick blue line may not break (with a small margin of course). Bitcoin' is still struggling at the moment, keeping the market nervous to whether it's a real or fake bull flag. So it's important to watch both to have a clue of what the direction will be coming week. I think if Litecoin' breaks the blue line, it's likely the market will get dumped again.
Please don't forget to like if you appreciate this :)
Previous analysis:
1) The H&S, which is less likely after a good strong rally as we did. But if we break the neckline and see an acceleration down with high volume, it will be a confirmation.
2) The H&S is fake, neckline will brake but it will drop slowly like the blue line suggests and it will become a bullish wedge.
For the bullish version, the thick blue line may not break (with a small margin of course). Bitcoin' is still struggling at the moment, keeping the market nervous to whether it's a real or fake bull flag. So it's important to watch both to have a clue of what the direction will be coming week. I think if Litecoin' breaks the blue line, it's likely the market will get dumped again.
Please don't forget to like if you appreciate this :)
Previous analysis:
Comment
Litecoin already in danger zone now. On the left we can see the ltcbtc pair, which shows the same picture almost as the usd pair. Comment
Dropped quickly after i posted my analysis, even through the blue support line, but its above that support line again. Now both are moving below the neckline, so bears are in favor. But if we see this taking a lot of time, meaning if we move like the blue line and tomorrow we would still be moving above the blue line, chances for bullish movement will increase again.Comment
Comment
So far following the blue line to the point almost, suggesting the H&S might fail and the market is looking up. Think we have a low now around 41, which should not break anymore
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.