If we look at the daily chart of Litecoin, we can see a trend reversal chart pattern. Head & Shoulders pattern gives a clear signal that the market is going to change the main up trend. If price can break the signal line, probably we'll see a downward movement to 20.00 - 16.00 support levels. It's a common price movement after a signal line breakout of H&S pattern. Do you think it's possible for Litecoin? Probably H&S won't be realized as a trend reversal pattern completely. If we get positive fundamental news for Bitcoins, altcoin markets also will be able to move upward and continue the main up trends. For Litecoin it will be very important to break the level of the right shoulder and rise above 50.00 level. In such way we'll get a confirmation for further upward movement. In spite of the trend reversal chart pattern, I think that this market is one of the most interesting for investing in long term. Let's watch for Litecoin with more interest. Good luck!
Thank you - my impression is that 16 and 20 are not realistic even in case of a main trend change. LTC has strong fundamentals - and already achieved Segwit. Even LTC can be considered as potentially a 'safe harbor' in case of further e.g. BTC turbulence. While in general during the past weeks almost every altcoin were losing significant price against USD and BTC - LTC was not having such significant losses. It is interesting to watch cryptos as long-term securities - I personally invested to LTC at 38 and 46 USD levels recently and I have trust on a long term that the price will significantly rise - I am even not trading with these deposits.
DLavrov
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@drgorogbalazs, yes, I agree with you. I just show you the chart pattern and possible profit target zone.
drgorogbalazs
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@DLavrov, Thank you very much for your response!!! Much appreciated - your analysis are awesome and I am just learning and learning. I actually meant 'safe haven' not 'safe harbor' in my comment above:-). Thanks again!
BobbyZilliox
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Is the H&S still a possibility or did it break the trend?
BTCINVESTING
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yes, i agree, if btc segwit will have problems. than all cryptos go down fast and hard. at the moment it looks good. here my view to ltc. your lines are not so different.
@btcinvest.de, I like your analysis, but you are so bullish, I get extremely anxious. I hope you are right anyway, bullish markets help me lock profits
@edwincarstrading, one word more ... i make only technical chart analysis without emotion - for many years. to be anxious is not a good consultant. make your own desision and feel good. sometime your are successful sometime not. at the end your profit will be okay. :-)