Finally a daily candle close above the inverse head and shoulder neckline for litecoin. Many alts have had an initial neckline penetration that then went back below the neckline for awhile before finally triggering the second time it went back above the neckline so it’s possible litecoin could also follow this same behavior. However we can see the 1day 50ma already starting to curl up here and considering there appears to be quite a lot of momentum occurring across the cryptosphere, its entirely possible litecoin could trigger the invh&s breakout on the first time above the neckline. Worth keeping an eye on. Should know within 3 daily candle closes if it is going to validate the breakout now or later. *not financial advice*
Comment:
Unlike the algo inv h&s, this one never nullified…it appears as if it is currently validating its breakout. Also seems to be 1-2 days away from a golden cross on the daily chart.
Comment:
Because price action snuck back below the neckline we had to readjust the breakout target. The new breakout target is just slightly lower at $91.79
