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LTCUSD at a crossroads- Short tf (4hr) analysis

LTCUSD resumed an uptrend on the 4hr tf from a price of ~$107.63 on Feb. 6, 2018 and the progress of the uptrend so far is indicated by the uptrend line in red. LTCUSD looks like it is forming a possible top that I have marked as a possible complex Head and Shoulders top [complex because we have more than one left shoulder (LS) in this case].

ltcusd today

However, I only annotated the chart to show this topping chart pattern, price must close the neckline (in blue) for the pattern to be CONFIRMED as a complex Head and Shoulders top. If price closes below the neckline, the projection of the likely termination point of LTCUSD is marked by the vertical purple lines. The projection if the neckline is actually broken should see LTCUSD sell off to about ~$155 area. This is close to where support is for LTCUSD. Support as I drew on the chart is between $154.63 and $142.15.

Failure to break below the neckline could possibly lead to a continuation of the uptrend and the pivot of invalidation of the supposed complex Head and shoulders top is a price close above ~$252.86 (the head of the chart pattern).

One thought on “LTCUSD at a crossroads- Short tf (4hr) analysis

  1. […] I have updated and used the Elliott wave principle in this post to model the price action of LTCUSD. Chart patterns for LTCUSD annotated and the comments I gave can be found here. […]

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