Litecoin - Still a bear party.
We see a flag in LTC. If it loses it, the prices could sink down under the U$ 38k, which is the optimal target of the flag and where it would meet the previous support (pink line). So it’s easy to assume that 37,5k – 38k is a very important region, but after that there are stronger supports near the 37k (Mar 27,28,29 and Apr 1).
Also, there’s what seems to be a Head and Shoulders pattern here. It’s a little weird, I know, but it’s a real possibility, and the optimal target of that HnS is almost the same of the flag.
The Litecoin failed in its attempt to do a pivot and did a false breakout (a piercing line pattern, evidenced by the pink rectangle). The only way the bulls could assume control again would be with a real breakout, with ascending tops and bottoms to start an upward tendency with more conviction.
To sum up, I rather prefer to work with the flag, but there’s more that you can work with if you want. Either way, the bears are in control right now.
Also, there’s what seems to be a Head and Shoulders pattern here. It’s a little weird, I know, but it’s a real possibility, and the optimal target of that HnS is almost the same of the flag.
The Litecoin failed in its attempt to do a pivot and did a false breakout (a piercing line pattern, evidenced by the pink rectangle). The only way the bulls could assume control again would be with a real breakout, with ascending tops and bottoms to start an upward tendency with more conviction.
To sum up, I rather prefer to work with the flag, but there’s more that you can work with if you want. Either way, the bears are in control right now.
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