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.***