LTC/USD Bearish H&S formation on 15 Minute BITSTAMP

6 May 2018Several indicators still yield bearish signals on shorter time frame 15 minute chart(s).

(1) Possible H&S formation - my analysis (though this could soon be ruled out if price continues downtrend) is another pop to the 170 level, before retracing back down to the right shoulder neckline to a complete a bearish H&S formation.

(2) Money flow remains in bearish territory, below -12.5 suggesting money remains on the selling half of market depth.

(3) GMMA (on OBV) consolidates suggesting price agreement in the direction price action leads, with recent short as well long term traders without a clear sentiment of market direction

7 May 2018

İşlem aktif

At this point, we've achieved the first half of the (R) shoulder formation - resistance is confirmed on the ascending distal line

LTC is now in the overbought range on the 15 minute time frame, I would expect pullback back soon to the 165 area - completing the second half of the (R) shoulder formation, followed by a bearish sell period.

7 May 2018

İşlem aktif

As forecasted - we've achieved the (R) shoulder, closing with mild support below the neckline and thus completing the H&RS formation - a period of bearish price action should most likely follow within the hour

7 May 2018

İşlem kapandı: hedefe ulaştı

Target reached.

I have a very small buy position placed around mid-164, with a substantially larger bid around the 158 levels. a Higher time frame chart will show this:



If I miss, or its reverses too quickly - oh well.

Risk management is always my number 1 priority here. Happy Trading