You can see that the projection from the extends above the 200 (in purple.) So, the 200 stands in the way of further advancement, since it is a significant . With that said, if LTC is able to surpass the 200 , we should eventually see a test of the top of the symmetrical triangle (in black.) Speaking of which, I would like to introduce you to that formation, since it is new on my chart.
Looking from the left side of the chart, you can see that LTC was trading in a low range, before it exploded to the all time high. Since then, we have been sideways, forming a symmetrical triangle in the process. Symmetrical triangles are generally continuation patterns, but like all other formations, we need to see a breakout to confirm the overall direction that it will take us. With that being said, this formation is massive, and whatever direction it breaks, could be a substantial indication as to the overall direction of the medium-term future for LTC. Many of you know that I have a year end price target of $600 for Litecoin. So, an upside breakout of this symmetrical triangle, will be a nice step in helping us reach that target. On the other hand, a breakdown from this formation, would probably destroy the chances of $600 being reached. The breakout, up or down, will occur by April 16th, at the very latest.
On the , we're still working over a crossover, and we've crossed over the zero line, which is a technical buy signal. was falling, confirming the consolidation pattern inside of the flag, but we have now gotten a buy-side spike that adds credibility to the breakout. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
Anyways take a gander at my TA :P Called it a week ago and it played out perfectly, right on the line.
so MPC here's how it works: even though we are in a volatile market constantly changing directions up and down wildly, it's expected, nay required*, that you pick a side, either bull or bear, and stick to it. even though that will guarantee you and your followers quickly go broke. got it?