Hi friends! Welcome to this update analysis on Litecoin! Looking at the four hour chart, we can see that The symmetrical triangle has broken to the downside, in a continuation move that solidifies the pattern. At the time of yesterday's post, LTC was trading at 183.72. Today, LTC dropped to 160.29. That's about a 13% decline, in less than 24 hours. As you all know, my analyses are for educational purposes only, but if you would have shorted or sold LTC, based on my analysis, you would have recognized a healthy profit. Let that sink in for a moment. I'm literally throwing money at you — makin' it rain — Benjamins fluttering in the wind. How people could find ways to hate that, I will never understand.
Getting back to the chart, I'd like to draw your attention to the green support level. You can see that there have been three tests of this level, and LTC is currently trading right above it. If this level falls, the next stop should be the 78.6% retrace. Below that, LTC could begin to accelerate to the downside. On the upside, the 50 EMA (in orange) should continue to act as resistance. On the MACD, we can see that there has been a bearish crossover, and sell-side momentum continues to expand to the downside, increasing the likelihood of further sell-side pressure. Ultimately, we are on our way, to the head and shoulders/symmetrical triangle target, that has been on my chart for weeks now. The haters were so loud when I first published that target. I bet we'll only hear crickets, when LTC finally gets there.
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-
Getting back to the chart, I'd like to draw your attention to the green support level. You can see that there have been three tests of this level, and LTC is currently trading right above it. If this level falls, the next stop should be the 78.6% retrace. Below that, LTC could begin to accelerate to the downside. On the upside, the 50 EMA (in orange) should continue to act as resistance. On the MACD, we can see that there has been a bearish crossover, and sell-side momentum continues to expand to the downside, increasing the likelihood of further sell-side pressure. Ultimately, we are on our way, to the head and shoulders/symmetrical triangle target, that has been on my chart for weeks now. The haters were so loud when I first published that target. I bet we'll only hear crickets, when LTC finally gets there.
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-