MagicPoopCannon

The Seer Of The Future Knows All — LITECOIN (LTC)

BITSTAMP:LTCUSD   Litecoin / Dollar
Hi friends! Welcome to this update analysis on Litecoin! Let's jump right in! Looking at the four hour chart, we can see that LTC continues to test the pink support level , as it consolidates in a sideways trading range. The 50 EMA (in orange,) is falling toward the price action, so it may be the final straw, that helps LTC break the pink support level . We can see that the 50 EMA has repeatedly acted as resistance, and that should continue to be the case. On the MACD , we can see that momentum is rolling over, and may soon cross over bearish , adding to the likelihood of continuation selling. Volume is unimpressive, as traders wait for a clear move in one direction or another.

If you recall, from one of my previous LTC posts, I masterfully recognized a correlation between bearish momentum crossovers, suppressed volume , and corrective moves. In the post, I said "You can see that each time a volume trough was made on the chart (red arcs,) which corresponded to a bearish crossover on the MACD (red circle,) a corrective move followed." Looking at the current LTC chart, we can see that we have suppressed volume , but haven't yet gotten a full bearish crossover. If the bearish crossover occurs, we can expect that a corrective move will ensue, based on this remarkable repetitive pattern. On the downside, initial support lies at the 78.6% retrace. A break below that, will open the door to about $128, and then the bottom of the blue channel. On the upside, resistance should be found at the 50 EMA , and then the "critical resistance" level.

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-
All your posts for different coins show some type of death cross and ominous warnings about crash , do you even change the text or just copy paste the same everywhere. Definitely not a seer
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@kdboy, Perhaps you should be grateful that I’ve blessed you with highly accurate guidance, and calls that were completely capable of earning and or saving you tremendous amounts of money. Say what you like. My track record doesn’t lie.
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kdboy MagicPoopCannon
@MagicPoopCannon, It's not the content but your manner that I was questioning. You have very a condescending attitude evident again in your reply . Happy trading !
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Snuby3 kdboy
@kdboy, because they are all crashing you lunatic. The headline isn't what's important anyways... What's important is the levels and the signals to watch for so we have confirmation that the market is behaving the way we anticipate
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kdboy Snuby3
@Snuby3, @Snuby3, Yes anyone can see that the market is falling. My point was that all that Mr Cannon has done is predict things to go down in an overall falling market. There should be nothing preachy about it . Apologies if you felt hurt . As far as levels are concerned here are my 2 satoshis on that topic - In the crypto market where there are no fundamentals, the technical levels behave like self fulfilling prophecies. When enough people believe in a support/resistance level, it starts to make sense . Today people believe in one level, tomorrow they will believe in some other level . People need anchor points in this madness to hold on to their nerves. MrCannon can provide those anchor points but he is being too smug about it . That was all I said
Happy trading !
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@kdboy, wow, where are your charts? Cannon, all of your charts have been AMAZINGLY ACCURATE. I truly appreciate what the HEATHENS obviously do not.
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kdboy cryptoexcedrine
@cryptoexcedrine, Mr Cannon has been wrong ample number of times, just like everyone else . Read his posts around 5th-6th on BTC and LTC lift offs . He also got it wrong about ripple around that time, first predicting it to fall from 2.5 to 1.35, but it went upto 3. then predicting it to go to 4.0 but it fell to 1.0 . The point being he is not a know it all as he is promising to be . Even the poop cannon has misfired a few times , and its perfectly normal in the crypto world
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@kdboy, If you have issues why spend time reading here lol, plenty of other graphs to read.
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kdboy SmittenLTD
@SmittenLTD, Yours was the sweetest reply. Good luck
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Most cryptos are showing similar signs. Small price range and limited volume. To me this is indicates that the crypto market is like a snake coiling up ready to snap one way or the other.
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