Litecoin:USD inverse head and shoulder breakout
Updated
Hello All,
This is an exciting one, as litecoin has broken out of its inverse head and shoulder, here we can clearly see that the right shoulder is very small compared to the left shoulder which is a really bullish sign. The price objective of the inverse head and shoulder pattern is approximately 90, and, although, we are up against a small section of resistance, it looks like the pennant will break upwards and through the resistance.
As for the RSI, there is nothing to worry about there because there was a recent break out and it could be in the over bought region for extended periods of time.
Best of Luck and stay technical!
Previous analysis:
Current LTC:BTC Analysis:
This is an exciting one, as litecoin has broken out of its inverse head and shoulder, here we can clearly see that the right shoulder is very small compared to the left shoulder which is a really bullish sign. The price objective of the inverse head and shoulder pattern is approximately 90, and, although, we are up against a small section of resistance, it looks like the pennant will break upwards and through the resistance.
As for the RSI, there is nothing to worry about there because there was a recent break out and it could be in the over bought region for extended periods of time.
Best of Luck and stay technical!
Previous analysis:
Current LTC:BTC Analysis:
Note
It looks like price was rejected at this region and it will be testing lower price points. An important price point to hold is 62:
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