BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin after reached a low at $22.54, it increased in value %551.96 and established the high of the year at $146.95.

A possible head and shoulders top can be spotlighted as a major pattern, it is a 20 weeks H&S and some minors patterns have formed over the course of this major pattern.

During the last 11 days, the price has been inside a parallel channel located at the support level (neckline), a breakout or breakdown outside of this channel could deploy a movement with a major extension.

b]Details:

1) Parallel channel :
- Lower boundary (support) = $70
- Upper boundary (resistance) = $79

2)Head and Shoulders:
Neckline = $69 - $72, it has confluence with the %61.80 Fibonacci retracement

Note:
A pattern is not a pattern until its completed formation, a pattern can morph into anything during its formation, this is called morphology.
My perspective is slightly bearish .


At the following chart, you can find further details.

Chart LTCUSD daily scale Bitfinex
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