WOW, WOW, WOW! Look at the breakout on LITECOIN! Welcome friends, to this update analysis. Looking at the four hour chart, I'm suddenly very pleased that I'm long. =D Litecoin has blasted above all of the major overhead resistance, in the explosive move higher that I have been recently projecting. Amazingly, you can see that the breakout occurred right at the end of my proposed right shoulder. The breakout has propelled LTC above the neckline resistance, above the 200 EMA (in purple,) above the pink resistance line, and, most importantly, above the downtrend channel! You can see that the candle is beginning to pull back, forming a wick at the top. The volume is tremendous, and the MACD has rapidly kicked to the upside. In comparison to BTC, this is is a leading move. BTC is still currently trading below the neckline of it's inverse head and shoulders pattern, and has yet to break out. The important thing to watch for now, is whether or not LTC can close above these resistance levels. Particularly, we want to see LTC close above the blue downtrend channel, and the pink trendline. A close above those two, will be very bullish for LTC. You can see that we are moving in the right direction, toward the inverse H&S target. I originally gave you that target on February 6th. That was over 25% ago. Just sayin'. However, before we get too excited, we need to see a close above. Looking at the chart, you can see that the next major resistance level is up around the 61.8% retrace. Above that, we have a relatively clear shot up to the target. For now, let's see where this bad boy closes.
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-
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We officially have a close above the downtrend channel on the 4 hour chart! IDK about you, but I'm poppin' the champagne over here! =D
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For educational purposes only, now that we're above the downtrend channel, a confirmed drop back inside of it would be a sell signal.
Everyone's talking about the news and the fundamentals and the this and the that. Listen to me, people. Understand this. Nothing, nothing, NOTHING matters, but the charts. I live by the charts, and I will die by the charts. All of the information is here! Right in front of you. Everything else, is just background noise.
@MagicPoopCannon, we appreciatte your effort Poop, hope you continues with these accurate predictions of ltc etc and btc ... great work!
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@MagicPoopCannon, i have also grown to noticd that when chart says buy or sell, news will come at the right time to fuel the move. Its kind of funny how it works out everytime (at least for speculative market)
Oh nothin. Just crushing haters in my palm like Godzilla.