My BTCUSD long idea has been very accurate to my surprise. Now there is Litecoin which has consumed my interest.
LTCUSD is looking good, the halving is happening the 5th of august from which I'd expect a little dip whereafter we''ll hopefully find ourselves in a bull run. Using fibonacci retracement and the head and shoulders pattern I recognized, I've made this analysis.
This is pure speculation,f or educational purposes and I do not recommend to buy or sell. I will not be held responsible for losses made by trades that are based on this analysis.
“the Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend; a characteristic pattern takes shape and is recognized as reversal formation.”
If your prediction is true, then it won’t even touch the neckline on the outside bottom of the right shoulder?...
I’d love to see the LTC halving rise too... but you’ve got the reasoning/pattern completely wrong...
Patralis
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@sdubyag, True indeed. But I have to say that I don't see chart patterns as an exact science. I noted 'Perhaps' next to the arrows to signify that the arrows are yet but a speculation of which I'm 40% sure.
CharlesMoreaux
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Very interesting analysis can't wait for the next one!
transparent-fx
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