LTC/USD Head & Shoulders Weekend - Which Way?
Updated
It looks like we're going to have a Head & Shoulders weekend in Litecoin. As usual, we've seen some solid dips and bounces over the past week, and if traded right, some nice profits have been made. Today I'm using the 1 hr chart to show the pattern formation. This one's kind of crazy, because it could go one way or the other.
Last weekend, we saw a solid dip below the bottom of the downchannel (pink lines) to 138, then a healthy bounce to 165 on Monday. Next, a bull flag formed, and an increase to 175 followed on Wednesday. There were 3 attempts to break the wall at 175, then the retracement started. Today we're sitting around 158, and it appears we have 2 possible H&S patterns forming. Haven't seen this is awhile, but it could go either way. the bottom of the right shoulder of H&S would be in the 155.5 range, and a bounce to 163 would be major decision time.
On the flip side, there's a good chance an inverse Head & Shoulders is in play,, and if this occurs, we may finally see a significant rise out of the downchannel. The inverse H&S is shown in green, and it began way back on March 12th when we dropped from 192 to 149, bounced to 172, dipped to 138, bounced to 175, and dipped back to where we are today. If we retrace to 150 and bounce...once again...163-164 will be major decision time. If we blow past 164, we cut be off to the races to complete the right shoulder at 178, and hopefully break the downchannel at 182. If we see a big dip at 164, the "bad" head and shoulders would complete near 156. IF that happens, don't be surprised if we dip back to the bottom of the downchannel around 130.
Either way, it appears something major is about to happen. We've got low volume, and a LOT came happen quickly when the "manipulators" decide to make a move. I'll be watching for the bounce on Friday morning. This is not a bad place to pick up some coins, and keep a close watch if it climbs to 164 range. Hoping for the inverse H&S to happen, and hoping to clear more than 5% gains. It's time for the bear market to end. Last year, the first major rise was on March 31st, and it looks like we could be in the same position this weekend.
Of course, this is crypto...so anything could happen. Don't FOMO, trade wisely, and always save some FIAT to cover your tail.
This is only an idea, and it's not by any means investment advice. Trade at your own risk. As a part trader, part HODL'er...LET"S BUY THIS BABY TO THE MOON...or at least the sky.
Last weekend, we saw a solid dip below the bottom of the downchannel (pink lines) to 138, then a healthy bounce to 165 on Monday. Next, a bull flag formed, and an increase to 175 followed on Wednesday. There were 3 attempts to break the wall at 175, then the retracement started. Today we're sitting around 158, and it appears we have 2 possible H&S patterns forming. Haven't seen this is awhile, but it could go either way. the bottom of the right shoulder of H&S would be in the 155.5 range, and a bounce to 163 would be major decision time.
On the flip side, there's a good chance an inverse Head & Shoulders is in play,, and if this occurs, we may finally see a significant rise out of the downchannel. The inverse H&S is shown in green, and it began way back on March 12th when we dropped from 192 to 149, bounced to 172, dipped to 138, bounced to 175, and dipped back to where we are today. If we retrace to 150 and bounce...once again...163-164 will be major decision time. If we blow past 164, we cut be off to the races to complete the right shoulder at 178, and hopefully break the downchannel at 182. If we see a big dip at 164, the "bad" head and shoulders would complete near 156. IF that happens, don't be surprised if we dip back to the bottom of the downchannel around 130.
Either way, it appears something major is about to happen. We've got low volume, and a LOT came happen quickly when the "manipulators" decide to make a move. I'll be watching for the bounce on Friday morning. This is not a bad place to pick up some coins, and keep a close watch if it climbs to 164 range. Hoping for the inverse H&S to happen, and hoping to clear more than 5% gains. It's time for the bear market to end. Last year, the first major rise was on March 31st, and it looks like we could be in the same position this weekend.
Of course, this is crypto...so anything could happen. Don't FOMO, trade wisely, and always save some FIAT to cover your tail.
This is only an idea, and it's not by any means investment advice. Trade at your own risk. As a part trader, part HODL'er...LET"S BUY THIS BABY TO THE MOON...or at least the sky.
Note
tradingview.com/chart/2jDOtTFm/It didn't drop where projected, but it did drop and bounce as projected. We're in the critical zone, and it looks like a bear flag on 15 minute! Added an Elliott wave with a selloff at 4pm EST when Wall St goes home for the weekend and 5PM PST when West Coast business day ends. Hoping for a upswing and cautiously watching for resistance.
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