Litecoin (LTC) Falling Wedge or H&S. Waiting for breakout.

Litecoin / Bitcoin (BINANCE:LTCBTC)

Updated

BINANCE:LTCBTC Litecoin / Bitcoin

trendanalysis chartpattern indicator litecoin ltc ltcbtc cryptocurrency cryptocurrencies crypto bitcoin binance bitmex

LTCBTC

LTCBTC
BITMEX:LTCH19

Going back to Litecoin after the previous beautiful trade with 69% gain on bitmex

Litecoin (LTC) forming a big Cup&Handle mid-term target 30%+.

, now I can observe two possibilities, a falling wedge that is a bullish figure and an H&S that is bearish.

How to operate in this scenario? At the moment the best thing to do is watch and wait for the breakout of one of the figures, which should happen in the next 24 hours. We can be prepared for the two scenarios as follows:

Bearish Scenario: In the event of a breakdown of the H&S neckline (around 0.01165), we would still have to wait for the breakdown of the wedge (around 0.0115), so we would have confirmation of the start of a new bearish move. Of course, this breakout needs to be with a large candle accompanied by volume (15m+), demonstrating the dominant selling power. In that case we could open a SHORT with a tight stop-loss.

Bullish Scenario: In the event of a breaking up of the falling wedge with a large candle accompanied by volume in timeframes greater than 15m, we can also design a LONG entry with candle closure above 0.01215 which would take the price above 50MA and confirm the expectation of move upwards.

RSI, MACD & OBV showing a dominance in the selling force, which leave us more likely to confirm the H&S, with a very clear downtrend in the oscillators and both below the equilibrium line (RSI 50 and MACD 0).

Please leave your like and dont miss the next updates on this analisys with a possible call coming within the next 24h.

In your opinion, which one is going to be confirmed? Falling Wedge or H&S? Leave your comment!

God bless!

Comment:

Litecoin broke down from H&S, I will look for a possible pullback entry. Get Ready!

Comment:

It will be a SHORT position on Bitmex, Poloniex and Bitfinex.

Trade active:

NEW LITECOIN SIGNAL

#LTC (Bitmex & Bitfinex)

Sell-Short: 0.0115 and 0.0116 (2 orders)
Leverage: 3x

Target:
1st: 0,01095
2nd: 0,01050
3rd: 0,01026

SL: 0,0119

Trade active:

Note: The prices given above are from bitmex only! For Binance e Bitfinex price have a 1%~ spread because of tether pair.

Trade closed manually:

Closed at 0.01145 on bitmex with 2,8% gain.

Im closing because Im seeing some bullish signals in smaller timeframes.

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