LTCUSD has just completed a 100% retrace from December 8. I've drawn more lines than a frat house bathroom on this chart, and I've only got one (probably bad) idea.
Before we get to that - let's look at two things that jump out at us from LTCUSD.
First, this thing went full on SUPERSONIC, charging 400% in 5 days (if you're a marketing major, that's a lot of gains really fast). It reached a high of $420.00 (this is important, remember it).
Second, either the bubble has finally popped (that's a joke you cultist), or this is one of the GNARLIEST bull flags I've ever seen. I'm talking - Dakota Fanning in War of the Worlds - dramatic. WHERE'S MY SAFE SPACE?
We have seen this before - in Summer of 2017, on a cute little coin called ETHEREUM. On May 19th, Ethereum opened up at $96.20 and on June 12 it closed at $397.37 with a high of $420.00! A few days after the peak, ETHUSD had it's infamous 'Flash Crash' and bull flag, creating a beautiful isosceles triangle that lasted until November 15 when it began to EXPLODE.
The chart above shows a hypothetical scenario for LTCUSD that would match what ETHUSD back in Summer 2017. For the bottom side of the triangle, I projected the 200D MA in linear fashion. LTCUSD will need some tender loving & care to push above the other MAs that are coming down at it like a speeding bullet, but it has at least shown respect to the 200D MA in a considerable way.
Out of the TRINITY (BTC, ETH, LTC), this is my best bet for a buy.
Disclaimer: I have literally no idea what I'm doing, but it's been working.
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I ain't saying she a gold digger. But she ain't messing with no broke TA's. On FIRE
This makes a lot more sense to me. I don't quite understand all of the wild and crazy lines that MagicPoop has on his chart, and it's way over my head. This is actually a very possible scenario, and one that I would put my money on (pun intended!).
carltonzone
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Oh, and I'm rootin' for your Eagles on Sunday too!
piatt.jesse
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Very good job explaining your rationel and research. This seems like a probable scenario.
Crypt-Keeper
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FIRST! :troll:
Man, not even a MagicPoopCanon could hodl a -candle- to this!