Classic 15M Head and Shoulders

BTCE:LTCUSD   Litecoin / U.S. Dollar
116 0
More often than not, (especially at the tops of rallies confirming reversals), we see LTC correct on weekends. We approach the weekend in just this market state of affairs. The weekend warrior coming onboard sees only the top, and this classic, textbook HS on the time period that proves with some tuning to be the most predictive for day trading Litecoin, LTCUSD , the 15M as viewed on bitcoin wisdom.

As more and more serious, studied, experienced, older, wiser and wealthier traders come into the markets, and reach outside of the pure bitcoin markets for trading excitement, we see more and more classic patterns in the middling time periods. And in the big bounces and rallies from the first lows off the $48 highs, we saw 1M and 5M cups, textbook cups, some retracing with handles, but most rallied on the right cup wall rim, before ever retracing, glorious upward movement in stepped cups that resolved ever upward.

So here we are presented with flagging technicals across the time periods, and the picture perfect Head and Shoulders , no remarkable height on the head, but a reconfirmed right neckline. And it's at the top of a reversal sparked on a poorly formed inverse head and shoulders at the recent low of $9.119.

China's voucher workaround is a State sponsored venture more than likely benefiting the biggest pockets that say Li Ka-Sheng! And the flow of voucher fiat Yuan into Chinese exchanges is highly monitored and controlled. Bearish sentiment from Chinese FUD permeates the discussions.
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