Today’s Litecoin analysis is carried out on a 1 hour timeframe, with the bottoming price action from November 20, 2018 to date currently shaping up as an inverted head and shoulder (or head and shoulders bottom) pattern.
Confirmation of the bottom reversal pattern will occur only after price closes above 37.021 which is used as the neckline of the chart pattern.
Width of the pattern taken from the Head to the neckline is invaluable as the minimum vertical projection for price action upon confirmation.
Point of invalidation of the analysis (POI) is ~27.94 which would see price close below the Head of the inverted Head and shoulders pattern.
Confirmation of the bottom reversal pattern will occur only after price closes above 37.021 which is used as the neckline of the chart pattern.
Width of the pattern taken from the Head to the neckline is invaluable as the minimum vertical projection for price action upon confirmation.
Point of invalidation of the analysis (POI) is ~27.94 which would see price close below the Head of the inverted Head and shoulders pattern.
