Crypto Trader Says "Pray for Litecoin" After Digital Silver Formed Major Bearish Pattern

Libra Coin News
Wed, 10/02/2019 - 06:54
Alex Dovbnya
Litecoin has formed the bearish “Head and Shoulders” reverse pattern, which signals the end of an uptrend
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Trader CryptoThies has noticed that Litecoin has formed a textbook definition of the Head and Shoulders (H&S) patterns on the three-day chart, which tends to accurately predict a bearish trend reversal.

LTC’s short-lived peaks in May and September formed the shoulders while its 2019 peak of $141 that was registered on June 21 formed the head.

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According to statistical data, traders should expect a bearish exit in 93 percent of all cases, which might explain why only prayers could save the digital silver at this point.

LTC is changing hands at $55.98 at press time with a 0.83 percent drop over the last 24 hours, according to CoinStats data.

As reported by U.Today, Litecoin dropped to sixth place on CMC after a huge market sell-off.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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