Bears Caught With Their Pants Down! Litecoin! (LTC)

BITSTAMP:LTCUSD   Litecoin / Dollar
Hi friends! This is an update analysis on Litecoin! Just like most of the other cryptos out there, Litecoin appears to have created a deep cup and handle pattern on the chart. The bulls are catching the bears with their pants down, and if the bears aren't careful, the buyers are going to launch the crypto space higher. Technically, LTC is still in a downtrend, forming lower highs and lower lows, so the bears still have the edge. In terms of the recent price action, we can see that it's now actually trading above the critical support level , the breakout level of the cup and handle , and the 50 EMA (in orange.) The breakout is just starting to happen, so we need to keep an eye on it, to be sure that it's sustained. Keep in mind that LTC could easily retreat, rendering this a failed breakout.

I don't want to get too excited about a breakout in the early stages like this, but we can do some fun visionary work. Typically, when traders want to find a price target, they usually measure the structure in question, and then add the measurement to the breakout area to estimate a price target. When I do this sort of estimating, I like to find support or resistance that is somewhat close to the estimated price target. However, if there is a strong level halfway to the estimated target, I will opt for that. In this case, I think a fair target would be the 50% retrace, around $234. On the MACD , we can see that it continues to expand upward, and it has crossed the zero line, just like the other cryptos, which is a short-term buy signal. On the upside, initial resistance should be met at the 200 EMA (in purple.) On the downside, the critical support level should act as initial support. Below that, LTC would find support at the top of the falling parallel channel . Keep an eye on that breakout. If it continues to trade above the breakout level, that will be an indication of further upside. If we get back below the cup and handle breakout level, it will indicate a failed breakout, and prices could turn lower.

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-

Kommentar: Update: LTC has broken back below the breakout level for the cup and handle. We will have to watch the pattern as it develops. Good luck trading everyone! ^_^

Kommentar: If this failure keeps up, I'll bring back that bear flag with the quickness people. Part of being an expert trader, is having the ability to be nimble, and abandon previous analysis ideas if new developments negate them. Part of being an amateur trader, is not flipping when the market tells you to.

Yes, nice job MPC!
Yesterday I was second guessing my decision on selling half my positions. Now I'm sitting good and would be a buyer in the $180-170 (or lower) range.
Just taking small bites from the apple by adding to my positions without investing more of my own $$$.
@MagicPoopCannon MPC called it again. *I am not worthy (bow)* *I am not worthy (bow)*
Please also check out RDD (Reddcoin) hour chart looks like cup and handle...I'm not a pattern reader...does it look promising?
Glued to the updates on this one......don't want to go this one alone!
+1 Antworten
The updates really help me stay aligned, thanks Mr. Poop!
+1 Antworten
what are your thoughts on bitcoin right now @MagicPoopCannon ? I'm anxious, and waiting in cash....hoping it drops.
@RoyceNewton, it will drop. just have to be patient, may need to wait as long as the first few days of february. not enough volume. same goes for most cryptos right now. btc, eth, ltc, dash.... once btc truly gets back on the horse then, the rest will follow as always. the king needs to find his crown
I think the C&H just failed
+1 Antworten
@piatt.jesse, Me too
piatt.jesse MagicPoopCannon
@MagicPoopCannon, how long do you think it will be till we make it back to the 210-200 area?
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