Litecoin after reached a low at $22.54, it increased in value %551.96 and established the high of the year at $146.95.
A possible head and shoulders top can be spotlighted as a major pattern, it is a 20 weeks H&S and some minors patterns have formed over the course of this major pattern.
During the last 11 days, the price has been inside a parallel channel located at the support level(neckline), a breakout or breakdown outside of this channel could deploy a movement with a major extension.
b]Details:
1)Parallel channel :
- Lower boundary (support) = $70
- Upper boundary (resistance) = $79
2)Head and Shoulders:
Neckline = $69 - $72, it has confluence with the %61.80 Fibonacci retracement
Note:
A pattern is not a pattern until its completed formation, a pattern can morph into anything during its formation, this is called morphology.
My perspective is slightly bearish.
At the following chart, you can find further details.
Chart LTCUSD daily scale Bitfinex
A possible head and shoulders top can be spotlighted as a major pattern, it is a 20 weeks H&S and some minors patterns have formed over the course of this major pattern.
During the last 11 days, the price has been inside a parallel channel located at the support level(neckline), a breakout or breakdown outside of this channel could deploy a movement with a major extension.
b]Details:
1)Parallel channel :
- Lower boundary (support) = $70
- Upper boundary (resistance) = $79
2)Head and Shoulders:
Neckline = $69 - $72, it has confluence with the %61.80 Fibonacci retracement
Note:
A pattern is not a pattern until its completed formation, a pattern can morph into anything during its formation, this is called morphology.
My perspective is slightly bearish.
At the following chart, you can find further details.
Chart LTCUSD daily scale Bitfinex