Litecoin - Head And Shoulders In Progress!?
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Hello Traders,
LTCUSD is currently in a consolidation between 166.60 and 142.
At this moment in time, I am expecting a move lower to the areas of around 131.70.
You can see the chart LTCUSD is forming a possible head and shoulders pattern. As you know, a head and shoulders pattern is trend reversal pattern. In this case, it can reverse the uptrend from 2018-04-01, lower.
The head and shoulders target is measured by taking the length of the head projected to the downside. This would bring LTCUSD to around 131.70 IF the pattern gets confirmed. As long as the pattern does not break the neckline, it still can deny the pattern and move higher.
As long as the market stays below 157.345 which is the invalidation zone of the right shoulder, I am expecting the pattern to get denied. However, at this stage I am expecting the pattern to get confirmed by breaking lower may during this week or so.
2 possibilities:
- First one is the black one, this is my main view (drawn in the chart) we could see a short-term pullback to confirm the pattern and move lower before a bounce can be taken place
- Or the second one (orange line) it denies the trend reversion pattern and moves higher without going to the target of the head and shoulders pattern.
Conclusion: Short-term I am expecting a move lower but in the midterm, I am expecting LTCUSD to rally. Let's see.
This view will be invalid once it breaks 157.95 support
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
LTCUSD is currently in a consolidation between 166.60 and 142.
At this moment in time, I am expecting a move lower to the areas of around 131.70.
You can see the chart LTCUSD is forming a possible head and shoulders pattern. As you know, a head and shoulders pattern is trend reversal pattern. In this case, it can reverse the uptrend from 2018-04-01, lower.
The head and shoulders target is measured by taking the length of the head projected to the downside. This would bring LTCUSD to around 131.70 IF the pattern gets confirmed. As long as the pattern does not break the neckline, it still can deny the pattern and move higher.
As long as the market stays below 157.345 which is the invalidation zone of the right shoulder, I am expecting the pattern to get denied. However, at this stage I am expecting the pattern to get confirmed by breaking lower may during this week or so.
2 possibilities:
- First one is the black one, this is my main view (drawn in the chart) we could see a short-term pullback to confirm the pattern and move lower before a bounce can be taken place
- Or the second one (orange line) it denies the trend reversion pattern and moves higher without going to the target of the head and shoulders pattern.
Conclusion: Short-term I am expecting a move lower but in the midterm, I am expecting LTCUSD to rally. Let's see.
This view will be invalid once it breaks 157.95 support
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Komen
Update: Komen
LTCUSD is getting a little bit tricky, but i stick to my view. As long as it stays below the invalidation zone it still can see the drop lower. Komen
Okay guys, the Head and shoulders got denied with the break higher. 
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