Litecoin / TetherUSUpdated LTCUSDT could retest the head and shoulders
As you mentioned, the price of LTCUSDT had a rejection from the supply area, which can be a significant level of resistance.
The Head and Shoulders pattern is a technical analysis pattern that can indicate a potential trend reversal. This pattern typically consists of three peaks with the middle peak being the highest (the head), and the two outer peaks being lower (the shoulders). The pattern is completed when the price breaks below the neckline, which is a trendline connecting the lows of the two shoulders.
If the price of LTCUSDT is going to retest the neckline of the Head and Shoulders pattern, it could be an indication of a potential bearish trend continuation. According to Plancton's Rules, a retest of the neckline could present an opportunity for a new short position, meaning that traders could sell LTC with the expectation that the price will continue to fall.
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Follow the Shrimp 🦐
Keep in mind.
The Head and Shoulders pattern is a technical analysis pattern that can indicate a potential trend reversal. This pattern typically consists of three peaks with the middle peak being the highest (the head), and the two outer peaks being lower (the shoulders). The pattern is completed when the price breaks below the neckline, which is a trendline connecting the lows of the two shoulders.
If the price of LTCUSDT is going to retest the neckline of the Head and Shoulders pattern, it could be an indication of a potential bearish trend continuation. According to Plancton's Rules, a retest of the neckline could present an opportunity for a new short position, meaning that traders could sell LTC with the expectation that the price will continue to fall.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Note
19% 
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