LitecoinShort
LTCUSD
THE INVERTED HEAD AND SHOULDERS CHART PATTERN ( spotted on the 3hours time frame)
Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise.
Price trend downward leading to the pattern, the pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
Volume should most times be highest on the left shoulder or head, diminished on the right shoulder. Trends downward 65% of the time.
The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.
Wait for confirmation before placing a trade.
A higher left shoulder valley when compared to the right shoulder valley should most times be lower for better breakout move.
VERDICT:
BUY: $45.518
SELL:$46.842 up to $48.445
STOP LOSS:$42.837
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise.
Price trend downward leading to the pattern, the pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
Volume should most times be highest on the left shoulder or head, diminished on the right shoulder. Trends downward 65% of the time.
The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.
Wait for confirmation before placing a trade.
A higher left shoulder valley when compared to the right shoulder valley should most times be lower for better breakout move.
VERDICT:
BUY: $45.518
SELL:$46.842 up to $48.445
STOP LOSS:$42.837
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
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.