With that in mind, it's possible that LTC is forming a sloppy diamond pattern here (in pink.) A break to the downside of the diamond would confirm the pattern, but for now, it's just something to watch. Another thing worth noting, is that whenever LTC rallies above the daily 50 (which is equal to the 300 (in orange) here on the four hour chart) it almost ALWAYS returns to the top of it to test it for support. As you can see with the current price action, we just sort of shot up above the daily 50 , and never returned to it for a test of support. So, if Bitcoin doesn't start moving to the upside, I wouldn't be surprised to see Litecoin roll back over below the neckline, to test the 50 for support.
On the , you can see that buy side momentum was rejected at resistance, when the ran into the red . Since then, we have printed a crossover on the four hour chart, which is a technical short-term sell signal.
At the moment, this lackluster inverted head an shoulders breakout is not very convincing, and the underlying strength indicators are showing a rollover to the downside. For now, we should pay close attention to the breakout direction of that little pink diamond above the neckline. It will be key in understanding the forward direction. Keep in mind, this is a BEAR MARKET! We are all fixated on this inverted pattern right now, but this could be all that we get on the upside. For all we know, BTC , LTC and the others, could just be printing another lower high on their , in the very misleading form of an inverted fakeout. Be smart. Be nimble. Be cautious.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Welcome to follow along
Most of these TV ideas lack this understanding. Bitcoin is going up against very powerful established forces that don't want it to survive. Kids in tree houses arent in a position to win this fight (if you get what I mean).
From what I can tell, most Bitcoin bulls are living in a dream world. As someone that understands economics/Wall Street, I just saw this coming long before most did.
The early (lucy) buyers will get tested soon. That's when blood will spill.
Just my perspective.