MagicPoopCannon

Litecoin Breakout Fakeout? Let's Take A Look...

BITSTAMP:LTCUSD   萊特幣 / 美元
Hi friends! I hope you are all doing well. =D Lets take a look at Litecoin, shall we?

At the moment, litecoin is breaking two support levels — the 50 EMA (in orange) and the breakout level of the inverse head and shoulders pattern (pink dashed trendline .) We can see that sell-side momentum is increasing on the MACD , indicating expanding downward pressure. If LTC doesn't quickly reverse to the upside, it's likely that we're looking at a failed breakout of the inverse head and shoulders pattern. There is support just below, at the rising dashed grey trendline . A break below that, is likely to send bitcoin             back down to the 200 EMA (in purple,) which corresponds with the 50% retracement level. I will be looking for a bounce off of support, with a bullish cross on the MACD , before taking interest in long-side trades.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
Great analysis mate!!
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