On Sep 23, LTC spiked down from 71.80 to 62.40 after a day's consolidation (Sep 22), reaches the double bottom support level formed on Sep 06. Subsequently, price corrected to 66.7 before the bears decided to retest in pushing down the price down further. Price broke through the support level and dipped down further to 54.5, creating a new low since Feb 28.
Notice that price is currently respecting the previous resistance since Feb 28 (level of 54.5). I would expect price to potentially dip further after another price consolidation:-
---> Price would potentially retrace and consolidate between 62.5/64.25, turning previous level to resistance level, before dipping down further (prefer in seeing higher low and lower low price action).
**Notice that there is a potential head & shoulder forming in hourly chart. Investors may potentially make short term gain by going long if price broke between 57.8/56.8. Expected price to gain to level of 62.5/64.25 (1:1 ratio) **
Overview
Maintain bearish stance on the long term as there is a bigger head & shoulders formed in the daily chart.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
Notice that price is currently respecting the previous resistance since Feb 28 (level of 54.5). I would expect price to potentially dip further after another price consolidation:-
---> Price would potentially retrace and consolidate between 62.5/64.25, turning previous level to resistance level, before dipping down further (prefer in seeing higher low and lower low price action).
**Notice that there is a potential head & shoulder forming in hourly chart. Investors may potentially make short term gain by going long if price broke between 57.8/56.8. Expected price to gain to level of 62.5/64.25 (1:1 ratio) **
Overview
Maintain bearish stance on the long term as there is a bigger head & shoulders formed in the daily chart.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X