Litecoin Attempts To Complete The Inverse! (LTC)

Hi firends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the four hour chart, you can see that LTC is trading below the 20 EMA (in blue) and the 50 EMA (in orange) as it remains in a location of technical vulnerability. However, you can see that there is still a possibility for the hypothetical inverse head and shoulders pattern (in green) to form. Right now, LTC is moving up to test the recently lost support, which is now resistance, at the 20 and 50 EMAs. If we see a failure to surpass these moving averages, that will be a signal that the hypothetical inverse head and shoulders pattern may not materialize, and that lower price could ensue. But, for now, the inverse is currently still a possibility, so the performance around these moving averages can be used as a gauge of the odds that the inverse will come to fruition.

On the MACD, you can see that there was a bearish crossover, and we're right on the zero line. If the MACD crosses below zero, that would be a techncial sell signal, especially if that move is combined with a failure to break above the moving averages. On the other hand, if LTC rallies above the 20 and 50 EMAs, that would further solidify the development of the inverse, and a test of the top of the symmetrical triangle (in black) would still be on the table.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-