Just a couple of hours ago, I told you that Litecoin could fall to the 50 EMA, where it should find support. That has happened exactly, as you can see on the chart. Technically, this is a positive thing to see, because it shows that we're confirming old resistance (pink dashes) as new support. The pink dashed support level, and the 50 EMA, are now very important for LTC to hold. A break below either one, could signal a deeper correction to the downside. On the upside, we can see that LTC is forming a strong hammer candle at the moment, which could send prices higher. A break above $308 will put the all time high in our sights.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
have to be honest... very difficult to take you and your advice seriously with a name like "MagicPoopCannon"... :\
MagicPoopCannon
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@sdubyag, Thank you for commenting. Please click on my profile, and review some of my charts. I think you will be impressed with the accuracy of my analyses, and the serious approach that I take. My goal is to educate you on basic chart reading principles, while simultaneously providing you with my interpretation of market conditions. If you haven't done so, please follow me. The MagicPoopCannon won't let you down. Wait a minute... Is that you, Mom? haha Take care.
MarkJansen
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Well done.
cprime
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Thanks. This kind of analysis is helpful, other people just deawing a line and saying “going up!” Doesnt convince me, this gives me the reasoning and evidence!
MagicPoopCannon
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@cprime, I'm glad that you're finding it useful. Good luck trading my friend!
afreet77
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Thanks but i already bought yesterday.i hold lol,hope it recover fast
MagicPoopCannon
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@afreet77, At the moment, I am a long term holder of Litecoin. We are in a large healthy corrective phase, but I believe that the long term trend is still intact. Things can change quickly though, so please stay tuned. I will keep you posted. =D