Though it's not a perfect head and shoulder setup, illustration shows much similarities. High volume during left shoulder creation and medium volume reaching the Head, low volume creating the right shoulder. Creator, Charlie Lee relinquishing his holdings is a good reason for the decline, negative sentiment. The space for quick and low fee coins are becoming much more competitive as of late. Dropping out of top 5 to #8 and market cap losing 3 billion on coinmarketcap. IMO, Fundamentals and TA for LTC is bearish. What you guys think? Would love to hear counter argument. Thanks
Kommentar
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Recent push above $250 and green candle on the 6 hr. will test $300 and beyond.
Not bad...but; I might suggest that there is a "Bullish looking Flag/Pennant formation," appearing from the dates of 12-30-2017 all the way up to 1-3-2018?!?
Looks like LTC is trying to Break-Out to the upside and start another, NEW Market Formation. I must admit that I am VERY BULLISH on LTC so error with a side of caution as it has been and is often difficult to separate EMOTIONS from FACTS when Charting! (In short; I am guilty of this myself). Although, I don't disagree completely; I do think that the "Flag/Pennant formation appears Bullish," to me...from the dates mentioned earlier. ; )
Richy007
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@iknoxred2012, On a shorter time frame, one can make an argument showing support at $210, and possible reversal $210. Short term resistance is $250, recently tested twice (as was support $210). Most likely outcome will be range bound between $210/$250. As for picking time frame, that's a bonus foresight which is nearly impossible to pinpoint, my guess 7-14 days range bound.
Richy007
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@Richy007, It's been 10 days, in the mos part LTC has been range bound (as previously guessed). I don't know why there's much support for this coin, why not invest in another coin with similar characteristics and UNDER valued.
zhraan
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are you seeing the cup and handle that formed right after?
EtherSwinger
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H&S should have caused a drop before the new year. It might be too long now for it to be validated
Box1515
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I stand to gain to little at this point to bother selling so I'll just hold and let it stop out at break even if it drops. Charlie Lee screwed over the holders with his announcement. He should have just quietly sold off.
Box1515
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@Box1515, *too ... Just a typo; I'm not an idiot. :D
Dugma
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Ripple is to Yahoo as LTD is to google just on a planes of time and space. NOT saying I disagree short-term but LONG.
Looks like LTC is trying to Break-Out to the upside and start another, NEW Market Formation. I must admit that I am VERY BULLISH on LTC so error with a side of caution as it has been and is often difficult to separate EMOTIONS from FACTS when Charting! (In short; I am guilty of this myself). Although, I don't disagree completely; I do think that the "Flag/Pennant formation appears Bullish," to me...from the dates mentioned earlier. ; )