Litecoin Rolled Over, Looking for Support
TA on Litecoin
We see the clear inverse H&S printed followed by a breakout over the neckline. This however was short lived and rolled over soon enough. We now observe a sharp downward movement back to major support level around the 50MA (in green).
Take note of Stoch RSI and MACD.
Bullish Scenario
If MACD crossover is rejected, i would consider this a reversal upwards, and uptrend to resume. Then, next steps would be to break previous high of $41 and target of $50 should be in sight.
Bearish Scenario
Fail to find support on 50MA, Stoch RSI maintains bearish, and MACD crossover to the downside to be in full swing.
We see the clear inverse H&S printed followed by a breakout over the neckline. This however was short lived and rolled over soon enough. We now observe a sharp downward movement back to major support level around the 50MA (in green).
Take note of Stoch RSI and MACD.
Bullish Scenario
If MACD crossover is rejected, i would consider this a reversal upwards, and uptrend to resume. Then, next steps would be to break previous high of $41 and target of $50 should be in sight.
Bearish Scenario
Fail to find support on 50MA, Stoch RSI maintains bearish, and MACD crossover to the downside to be in full swing.
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