Ultra bearish technicals on lite coin
Updated
Lite coin has the possibility of returning to 152USD if this ultra bearish scenario plays out. After failing to reach the target for the previous inverse head and shoulder pattern targeting 237USD, lite coin has begun to develop 2 head and shoulders patterns. Easily viewable on a 4hr chart the big one is targeting a downside target of 152USD and will only come in to play if the smaller head and shoulders pattern is completed. The smaller head and shoulders pattern is pretty easy to spot on the 1hr chart and it is targeting 195USD. Personally I do not see the bigger pattern playing out, as the smaller pattern is tilting up which means it is less likely to break the trendline. I have no trades in lite coin atm.
Note
Yikes both neck lines have been broken.target 1 is 182USD
target 2 is 153USD
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