LTC: Preparing For A Take Off !
Here is an analysis on LTC/USDT (Daily Timeframe), an uncommon pattern is spotted on this chart which rarely occurs, namely "Double Headed Inverse Head & Shoulders" pattern. This has same performance & failure rates as the Standard inverse H&S pattern. We know that LTC commonly mimics BTC ( price structure wise) and only after an impulsive move in BTC we observe similar kind of price development on LTC.
Now, if we look at chart we can also identify the EMAs (50Day & 200Day) proceeding to cross each other, which will trigger the "GOLDEN CROSSOVER" (bullish). Hence, a bullish rally.
Talking about the "Double Headed Inverse Head & Shoulders", the time it took to form it's left shoulder is close to a month (28-days, marked vertically on the chart) and then the double heads were established all along leading the prices towards new swing lows. As of now, the price has surged back to the upper levels and currently trading in range (sideways) while forming it's right shoulder and the time estimation in the formation of the right shoulder is the same as the left one, around a month (28-days, marked vertically on the chart) ,however, not necessary.
Failure in breakout through the right shoulder of the pattern can invalid the pattern itself. The level for failure is near 143 and below, if the price starts making new Lower Lows and Lower Highs below this level. DYOR
CryptoCuriousOfficial 📥
Now, if we look at chart we can also identify the EMAs (50Day & 200Day) proceeding to cross each other, which will trigger the "GOLDEN CROSSOVER" (bullish). Hence, a bullish rally.
Talking about the "Double Headed Inverse Head & Shoulders", the time it took to form it's left shoulder is close to a month (28-days, marked vertically on the chart) and then the double heads were established all along leading the prices towards new swing lows. As of now, the price has surged back to the upper levels and currently trading in range (sideways) while forming it's right shoulder and the time estimation in the formation of the right shoulder is the same as the left one, around a month (28-days, marked vertically on the chart) ,however, not necessary.
Failure in breakout through the right shoulder of the pattern can invalid the pattern itself. The level for failure is near 143 and below, if the price starts making new Lower Lows and Lower Highs below this level. DYOR
CryptoCuriousOfficial 📥
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