melseru
Long

LTC Inverse Head and Shoulders Indicates Long Term Uptrend.

GEMINI:LTCUSD   Litecoin / U.S. Dollar
LTC's recent break above previous support levels and finding support above 77 indicates the trend is upwards for at least the coming few months. With BTC and Crypto's overall market cap going up in the past few weeks, Litecoin has surged all the way up to 84 before finding a healthy pullback back towards 80. I will be waiting out until the pullback has happened wait for the RSI to be out of overbought zones before buying back in for a long position.

An Inversed Head and Shoulder pattern has also occurred and LTC has since broken above the second shoulders first high. There is now a support level which the price can bounce off. Be careful, if this breaks to the downside there might be a longer pullback awaiting before returning into its long term uptrend.

Along with this, as also posted in my previous analysis, the Ichimoku Clouds Indicator has also crossed over bullish on LTC. As long as the price is above the bullish cloud we can say we are in an uptrend on the daily chart .

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Check out my previous analyses on LTC and BTC .
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