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JayanVarsani

LTCUSD CLEAR BEARISH FORECAST | H&S + 200DMA + HALVING

Short
Litecoin (COINBASE:LTCUSD)  
JayanVarsani  
COINBASE:LTCUSD   Litecoin
Trend Analysis Chart Patterns Technical Indicators crypto LTC short Bearish Patterns swing Cryptocurrency
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LTCUSD IN A CLEAR BEARISH SETUP

  • PRICE HAS CROSSED BACK BELOW THE 200 PERIOD DAILY MOVING AVERAGE
  • CLEAR HEAD AND SHOULDERS PRICE ACTION. PRICE HAS CROSSED NECKLINE & FURTHER DOWNSIDE IS EXPECTED. THIS BEARISH MOMENTUM MAY ACCELERATE PRICE DOWNWARDS OR A NECKLINE RETEST MAY OCCUR
  • TREND LINE USED AS BOTH SUPPORT/RESISTANCE (& ALSO AS THE H&S NECKLINE), INDICATING BEARISH PRICE ACTION IN THE SHORT TO MEDIUM TERM
  • LTC HALVING HAS RECENTLY OCCURRED. THE LARGE AMOUNT OF LTC BOUGHT BEFORE THE HALVING WILL NOW BE SOLD AS PER CLASSIC TRADING PRACTICE ~ "BUY THE HYPE/RUMOUR, SELL THE NEWS"

CONCLUSION : SHORT/MID TERM BEARISH FORECAST. LONG TRADES SHOULD ONLY BE PLACED FOR RETRACEMENTS, PULL-BACKS AND CONSOLIDATION PERIODS.
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