LTC within an H&S pattern, could look to double bottom.

LTC is currently breaking down from its H&S (Head and Shoulders) pattern that is has been forming for several weeks. We completed the right shoulder after getting a bear wick rejection off of the .382 fib level around 33.93, and we have been on a respectable drop to the downside. If we take the measured move of the H&S, the target comes out to around our previous bottom around $22. The rest of the market has gotten smashed, so there is a chance we could be getting a relief bounce here in the near future, so we could see it retest the neck-line as new resistance around $31-32 before continuing downward. The daily stoch is bearish, and the daily RSI has plenty of room to move to the downside, so I think we should see LTC move lower. Just be sure to keep an eye on BTC, as it is near a critical support region with the 200 weekly moving average around 3300 and the .786 fib level around 3360, which be area's for the price to bounce up from.

Strong resistance area's: 0.5 fib level around $32, 0.382 fib level around $33.90, and the daily moving averages.

Targets: .618 fib level around $29.40, .786 fib level around $26.20, and the 1 fib level and previous bottom around $22.

Moving average guide:
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red

-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.

Comment:

Daily view with moving averages:

Comment:

Here is the retest I mentioned prior. If we continue to find resistance here that will be very good news for the bears:

Comment:

Textbook S/R (support and resistance) flip on LTC, definitely good news for the bears:

Trade closed manually:

Took 11-12% profit on the drop; I am now waiting for long opportunities on BTC as we near the 200 weekly moving average around 3300.