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.
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.