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

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    Litecoin has formed the bearish “Head and Shoulders” reverse pattern, which signals the end of an uptrend

Cover image via www.123rf.com

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.

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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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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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