Hi guys! 👋🏻
🔔 There is a possible Inverted Head and Shoulders pattern formation on an hourly chart of Litecoin
🔔 The pattern suggests that after a breakout from the dynamic resistance described below, the bull run of the uptrend might be withheld for a short time by the short-term dynamic resistance of January 21, which is also the Neckline of the Head and Shoulders pattern.
🔔 Litecoin's price action for the past quarter, since the October’s MimbleWhimble update. The price is strictly bound to the crypto-market’s sentiment and Bitcoin’s price action. By the time of writing of this article, LTC/USD is traded at $133.50 and is currently traded below the moving averages MA100 and MA200 on a 4H chart.
🔔 There is a strong dynamic resistance which restrains Litecoin to continue the bullish uptrend. However according to the Elliott Waves principle, Litecoin should break the resistance and continue upwards as its now completing the Wave E of the 5-wave corrective wave structure. If the pair fails to break the upper edge of the triangle, LTC will drop to seek support at levels near $120 - 118, where there is a strong static and dynamic support, which will signal another rather stronger uptrend impulse.
🔔 If the breakout is confirmed, mind the resistances up ahead at $150 and $164.50. $164.50 will complete the formation of the Inverted Head and Shoulders and the price could correct again and drop to 150 or 145.
🔔 The path on the chart is theoretical and describes only my vision based on support and resistance levels and the price action theories.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 There is a possible Inverted Head and Shoulders pattern formation on an hourly chart of Litecoin
🔔 The pattern suggests that after a breakout from the dynamic resistance described below, the bull run of the uptrend might be withheld for a short time by the short-term dynamic resistance of January 21, which is also the Neckline of the Head and Shoulders pattern.
🔔 Litecoin's price action for the past quarter, since the October’s MimbleWhimble update. The price is strictly bound to the crypto-market’s sentiment and Bitcoin’s price action. By the time of writing of this article, LTC/USD is traded at $133.50 and is currently traded below the moving averages MA100 and MA200 on a 4H chart.
🔔 There is a strong dynamic resistance which restrains Litecoin to continue the bullish uptrend. However according to the Elliott Waves principle, Litecoin should break the resistance and continue upwards as its now completing the Wave E of the 5-wave corrective wave structure. If the pair fails to break the upper edge of the triangle, LTC will drop to seek support at levels near $120 - 118, where there is a strong static and dynamic support, which will signal another rather stronger uptrend impulse.
🔔 If the breakout is confirmed, mind the resistances up ahead at $150 and $164.50. $164.50 will complete the formation of the Inverted Head and Shoulders and the price could correct again and drop to 150 or 145.
🔔 The path on the chart is theoretical and describes only my vision based on support and resistance levels and the price action theories.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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