MagicPoopCannon

Beware! The Falling Blue Tunnel Of DEATH! LITECOIN! (LTC) =D

BITFINEX:LTCUSD   Litecoin / Dollar
Hi friends! Welcome to this update analysis on Litecoin! Let's jump right in. As you can see, LTC rallied to the top of the channel, but was stopped cold there. Since then, LTC has turned lower, formed a small bear flag , and has broken down below the 50 EMA (in orange) — the old nemesis. In addition to losing the 50, you can see that LTC is also trading below the 78.6% retrace. If you recall from my last LTC post, I said told you that we needed to keep a close eye on the downtrend channel , because it was do-or-die. By the looks of things, it appears to be "die." Also, I think it's safe to assume that we have not formed a double bottom , at this point. I do still think that the market is trying to bottom out around here, so it is possible that LTC is in the process of forming an inverse head and shoulders pattern, like so many of the other cryptos that I follow. I've drawn the hypothetical right shoulder of this pattern on the chart, to illustrate the possible future development. In addition to being rejected at the top of the channel, and losing the 50 EMA , you can see that we've just crossed over bearish on the MACD , indicating a shift in momentum. However, you can also see that there is a significant bullish divergence that has been building on the MACD , which adds to the market reversal theory. In short, some bullish reversal signs are beginning to emerge, in LTC and across the crypto space. However, it also appears like we may get a final push lower, before we actually see real evidence of a turn in the market. Remember people, THIS IS STILL A BEAR MARKET. We are still in a bear market downtrend, and we just saw a reversal at the top of the downtrend channel . If we can't get above the downtrend channel , LTC will fall indefinitely. Obviously, I don't necessarily think that will happen. I'm just emphasizing the importance of climbing out of the falling blue tunnel of death.

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-
Bình luận: FYI, I have adjusted the top of the channel, to where it doesn’t intersect with the high made on Jan 6th. The top of the channel should now make contact with that high.
And this is why you don't listen to this guy.
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it closed above the blue channel....but never fueled the rockets...im stuck deciding what to do with LTC. seeing if it will break the neck on MPC's H&S pattern.
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I don't think it will break out purely due to the reason that most people think it will, sod's law.
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So, blue tunnel means LTC could just keep falling to $4 -- but yeah that's not gonna happen, so why suggest it could?
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I'm holding. Check that crash1
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Buy the rumors, sell the news !!! LTC is having good application with litepay and VISA. Now we have a day to day solution with crypto combine with VISA !!!
https://www.express.co.uk/finance/city/914244/Litepay-launch-release-date-Litecoin-news-cryptocurrency-announcement-latest-news
To the moon !!!
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looks like we are out of the blue tunnel
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Patb987 edgrade
@edgrade, Ya but not very strong looking so far... Wonder if this will fail or pick up steam.
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ta klesne to ci ne?
+1 Phản hồi
on mine the breakout is around 175-180
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