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In our previous Ethereum analysis Warning: Ethereum Sell-Off Far From Over! Watch This Key Pattern we were very clear about our bearish stance on Ethereum and how we believed that the Altcoin might just be getting ready to resume its move lower in the coming days
Well, that bearish bias is currently being confirmed by Ethereum today. The Altcoin is selling off rapidly after finding resistance on the 1-hour timeframe.
In the coming days, we expect to see this Ethereum sell-off continue to push prices back down to the $1,715 key support.
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LTC/USD Double Top Pattern
This sell-off in Ethereum is also affecting Litecoin. We are currently seeing a double top pattern play out in the 1-hour timeframe.
If this Pattern completes, there is a very high probability that we might see about a -17% dump in the LTC/USD price.
The key level to watch for is the Neckline Support. We want to see the Altcoin price breakthrough and close below this key support in the 1-hour timeframe to confirm the completion of this double top pattern and the start of the sell-off.
The image above is a clear example of a completed double top pattern with the price breaking through that Neckline/Support line to signal the start of the sell-off.
This is the exact same type of price action we want to see play out in LTC/USD pair in the coming days.
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