Friday, 16 August 2019

Litecoin Looks More Bearish Than Before

LTC Chart

Litecoin plummeted below the support of $76 and is trading under the moving averages. Most importantly, it completed a well-known reversal Head and Shoulders pattern when the price plunged below the neckline. These developments tell us that the worse is still to come.

In this pattern, it's common that price retests the neckline before continuing its course down again. To neglect this pattern, the price must go above the neckline again. 

If LTC struggles to break above the neckline, bears will seize the opportunity to push the price lower.  

The next support levels are $70 then $60.

To resume the uptrend, the pair should breakout both the neckline and 20-day EMA. 

LTC Analysis

No comments:

Post a Comment