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Strong bullish signal on Litecoin weekly chart
Litecoin weekly chart is flashing signs of a potential strong move higher. A massive inverse head and shoulders pattern (IH&S) , taking over 1000 days to complete, recently experienced a after breaking above the neckline. This long-term pattern suggests a significant trend reversal could be in play, with the price primed to move substantially above the neckline.
Adding fuel to the bullish fire is the recent formation of a golden cross. This bullish technical indicator appears when the 50-week EMA decisively crosses above the 200-week EMA. Interestingly, a similar golden cross formed shortly after the head of the IH&S broke higher, potentially acting as confirmation for the current breakout.
The confluence of the IH&S breakout and the golden cross suggests a strong possibility of continued upward momentum for Litecoin in the coming weeks.
Adding fuel to the bullish fire is the recent formation of a golden cross. This bullish technical indicator appears when the 50-week EMA decisively crosses above the 200-week EMA. Interestingly, a similar golden cross formed shortly after the head of the IH&S broke higher, potentially acting as confirmation for the current breakout.
The confluence of the IH&S breakout and the golden cross suggests a strong possibility of continued upward momentum for Litecoin in the coming weeks.
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