After A Week of Sideways Chop, Here's What I See — LITECOIN!

After all of the recent flip flopping around the moving averages, LTC looks like it's setting up for failure, in a way that is similar to the triangle breakdown that we saw earlier this month. As I've been saying, we've formed another quasi triangle formation (in pink) and we've broken down from it. Now, LTC is printing a bear flag consolidation under the moving averages, as the MACD drifts below the zero line under a bearish crossover. These are all sell signals. The breakdown from the triangle, the flip flopping failures at the moving averages, the bear flag, the bearish crossover on the MACD, and the fact that it has fallen below the zero line — all of these things say sell. However, since this thing has been all over the place, chopping sideways for the past week, it is very important to WAIT for the breakdown of this bear flag. Everything is starting to say sell, but we need to see a breakdown of the bear flag as confirmation of those signals.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

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

-Magic loves you-

-JD-