MagicPoopCannon

Don't Say I Didn't Warn You — Litecoin! (LTC)

BITSTAMP:LTCUSD   Litecoin / Dollar
Hi friends! I hope you're all doing well today. Let's take a look at Litecoin! Looking at the four hour chart, we can immediately see that Litecoin has failed to make it's way back into the rising parallel channel (blue.) Now, it has broken below the 50% retracement level, as well as the 200 EMA (in purple.) Momentum is turning to the downside, increasing the likelihood of further selling. As I said in my last post, support rests around $225, which is being tested right now, and then $200. If we break $200, Litecoin could experience a panic selloff. Why, you ask? I'd like to draw your attention to the chart. If you look at the left side of the chart, you can see that between the 61.8% retracement level, and the 78.6% retracement level, Litecoin just ripped higher, when it was rising to an all time high. So, there isn't any real support or resistance in this region, except for the red trendline that extends from the low on 12-22-17. Other than that, it should be smooth sailing down to the 78.6% retracement level, which is at about $152.25. I want to emphasize the fact that I am not saying that LTC is going there for sure. All I'm saying is, look at the left side of the chart! Do you see how fast it went up through there? It could go down through there just as fast, if not faster. I'm not trying to spread fear. I own Litecoin for Christ's sake. Do you think I want to see all of these bearish developments? No. I'm just being real. I'm showing you, what the charts are showing me, from one fellow litecoin lover to another. On the upside (if there is an upside) the bulls need to get back above the 50 EMA (in orange,) and start posting some new highs.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please like, comment, follow, and share on social media! I'm MPC             , and I'm outta here.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
simple rulw when the founder dumps all pretty obvious. Out with small loss get it back when the burning fire ends..
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Anyone else thinking the recent lows do not hold ? Is this the panic sell off phase that crashes back to dbl digits? Then buy..
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Dear @MagicPoopCannon please shower us with some shitty musings: when you say you think we will be "presented with much lower prices", proportionally how much lower are we talking about? In an entirely non financial advisory way of course.
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Of all the things to panic sell, I wouldn't have thought that litecoin would be the one to go down... its base was meant to be loyal!
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part of the problem is all the panic selling, I will hold and buy more if it drops. it will bounce back and bigger ATH...
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downb4up tucci2001
@tucci2001, that is the only right thing to do, especially when all coin drops at the same time.
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Nice TA! I think that the 50 day MA will be the last support
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@ogt07, I think ..if should be bought with full support now ....it stood there and fought bravely ...
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my 1st pending has been triggered, I have more down to $169
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akhilpan stonedfish
@stonedfish, what does this mean ...
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