Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the four hour chart, you can see that LTC had a big rally today, on the back of the move that originated in Bitcoin. However, LTC has run into the top of the bear flag, and it has reversed sharply. If you recall from yesterday's analysis, I said "Even if LTC rallied up to the 130 area, it would only be retesting the top of the bear flag. So, in general, I do believe that this is still very bearish price action."
Today, LTC printed a high of 130.97, as it did exactly that, in a move higher to test the top of the bear flag. Now, while everyone is getting uber bullish, I keep telling people to calm down. A test of the top of the bear flag doesn't phase my bullish outlook, and if you follow the same analysis style as me, you shouldn't be phased either. Every time we see a rally, the mooners come out of the woodwork to announce that the bottom is in. Well, I have news for you. The last rally failed. The rally before that failed, and every rally since the high has rolled over. So, technically, this is still an enormously weak market, that had a rally to the upside. In the grand scheme of things, we're still in a big bear flag, that has printed just below the breakdown from a massive triangle pattern. Little rallies don't change that. The trend is your friend, and the current trend is still down! LTC didn't even take out the high from the 4th, or break above the bear flag. Instead, it did exactly what it should have done — test the top of the flag, and roll over. In fact, unless we see a breakout above the apex of the triangle, I am going to remain a seller of big rallies in this market. Do what you want. Say what you want. I know how this game works, and right now, I'm selling this market from the top of the flag, with a tight stop just above. That's a low risk trade, and if the market rallies out of the flag, the loss would be minimal.
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-
Today, LTC printed a high of 130.97, as it did exactly that, in a move higher to test the top of the bear flag. Now, while everyone is getting uber bullish, I keep telling people to calm down. A test of the top of the bear flag doesn't phase my bullish outlook, and if you follow the same analysis style as me, you shouldn't be phased either. Every time we see a rally, the mooners come out of the woodwork to announce that the bottom is in. Well, I have news for you. The last rally failed. The rally before that failed, and every rally since the high has rolled over. So, technically, this is still an enormously weak market, that had a rally to the upside. In the grand scheme of things, we're still in a big bear flag, that has printed just below the breakdown from a massive triangle pattern. Little rallies don't change that. The trend is your friend, and the current trend is still down! LTC didn't even take out the high from the 4th, or break above the bear flag. Instead, it did exactly what it should have done — test the top of the flag, and roll over. In fact, unless we see a breakout above the apex of the triangle, I am going to remain a seller of big rallies in this market. Do what you want. Say what you want. I know how this game works, and right now, I'm selling this market from the top of the flag, with a tight stop just above. That's a low risk trade, and if the market rallies out of the flag, the loss would be minimal.
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-
Bình luận:
LTC is trying hard to break out above the bear flag.
Bình luận:
The update is here!
