MagicPoopCannon

The 50 EMA Pimp Slaps Litecoin! (LTC) Files Restraining Order =D

BITFINEX:LTCUSD   Litecoin / Đô la Mỹ
Hi friends! Welcome to this quick update analysis on Litecoin! All I can say right now, is the 50 EMA is a mofo! If you look at the four hour chart here, you can see that (except for one occasion) LTC hasn't successfully traded above the 50 EMA (in orange,) since the major rally to the all-time high. This is a bit concerning, considering the unusually optimistic analysis that I published yesterday — especially since LTC is currently being rejected by the 50. You can see that the 50 EMA and the 78.6% retrace were converging, and when you see that, it usually indicates a strengthening of that particular level. The MACD is starting to flatten out, and it looks like it wants to roll over, while the volume is beginning to decline. I'm going to be real with you, the analyst inside, is ripping me apart. Deep down, I knew that we would run into trouble at the 50, which is why I over-emphasized the hypothetical nature of yesterday's analysis. With that said, I am hugely interested in this formation, because double and triple bottoms usually indicate a longer-term reversal in a market. So, let's throw this bad-boy under the microscope, and see if it meets the double bottom requirements.

1. Did the first trough produce the lowest point of the current trend? No
2. Was it within 3%? Yes
3. Did we see low volume off of the reaction high? Initially, yes.
4. Are volume and buying pressure accelerating off of the double bottom? Yes
5. Have we seen a resistance (pink trendline ) break? No
6. Is there a stall that is not impressing the MagicPoopCannon? Yes.

In short, LTC had better get it's a$$ above that 50 EMA , or this may not be a double bottom . Remember friends, never ever trade a pattern until you see the breakout. In this case, the breakout level is at the pink trendline .

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

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

-MPC loves you-

-JD-
@MagicPoopCannon we need an update lol
+2 Phản hồi
I want to buy back in so hard but not at this glass ceiling.
+1 Phản hồi
Is LTC headed for volatility squeeze? Ceiling won't move floor seems to be rising gradually?
Phản hồi
s3_00 s3_00
@s3_00, or maybe i dont know what the hell a volatility squeeze is, but I notice price floor creeping closer to 150 but 150 ceiling not moving much. Am I totally lost?
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@s3_00, I had a volatility squeeze just now. It wasn't pleasant. I had a burrito for lunch
+3 Phản hồi
s3_00 kingbiscuit13
@kingbiscuit13, so what happened next?
+1 Phản hồi
@s3_00, There was a massive downtrend into an open channel, some even splashed around the sides of the upper bowl and some even went back up the Fibonacci hole
+2 Phản hồi
s3_00 kingbiscuit13
@kingbiscuit13, lol. thats all the fecal references i can handle for one chart.
Phản hồi
@MagicPoopCannon diamond formation on LTC? bearish reversal? what do you guys think?
+4 Phản hồi
I did laugh at this one I'll be honest
+4 Phản hồi
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