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.***
This analysis is incredibly dumb. Litecoin has been tracking Bitcoin price movements in a nearly identical pattern. BTC-LTC is actually up 0.5% which basically confirms this. If every time something happened to confirm your beliefs you obviously would develop confirmation bias and believe all of the stupid nonsense that you spout.
Since LTC-USD trading is around 10% of BTC trading, a price move in this pair isn't going to move the market for BTC so it's clearly the other way around. When BTC-USD makes a move all alt-USD pairs make a similar move unless there is some meaningful trigger otherwise to counter it. If those alt-USD pairs did not move with BTC-USD then there would be glaring arbitrage opportunities, especially with a top-5 coin like LTC. Of the top 10 alt-BTC pairs only three are positive in the last 24 hours, ETH, LTC, and VEN. So of the top 10 USD coins by volume ETH and LTC have actually increased in relative value to Bitcoin over the last 24 hours. So when you spout dumb shit like saying that you predicted something, maybe you should learn some basic math and figure, gosh, LTC is actually worth slightly more than yesterday in BTC terms.
Instead of miseducating many of your followers you should show BTC-trading pairs for alts to better explain the market dynamics. It's unfortunate that you spout all this nonsensical bullshit and then pat yourself on the back when something happens for an obvious reason but not the one you are using to explain the event.
MagicPoopCannon
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@powderpc, Yeah thanks. It’s all fun and games, until someone slips on a banana peel. Peace.
IF there's a bullish run next week and never reaches $100 he's been spouting, he'll just say "oh as you can see on this graph we're having a bullish run" then 2 weeks later if the bullish run continues, he'll say "oh i called it 2 weeks ago. I'm a god" and you get his followers cheering with excitement at his godly knowledge.
On the other hand, if he's right and it does reach $100, then everyone who thought otherwise is an idiot and a novice.
So no matter how the market turns out. He was right. Don't take him serious tho, he's some foolish bored dude at home. Let him right his lil blogs and insult others if it makes him feel better.
Snuby3
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@bitb0y, he teaches you to react to market signals, whether up or down. Not to just expect one or the other. You haven't paid enough attention to him if you think he doesn't do that.
bitb0y
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@Snuby3, look man, I'm glad you made money following him. I've added almost 40% coin portfolio during this crash by doing my own analysis and being careful. I know people who've lost a lot, who have been doing it longer and have overall made 100k's. But not for one second am I going to pat myself on the back thinking I know better. Or I've got this crytpo thing on a lock down.
“The greatest lesson in life is to know that even fools are right sometimes.” (Winston S. Churchill).... sometimes being the keyword there. This guy is an arrogant fool. Be wary of anyone who thinks they know the crypto market
Snuby3
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@powderpc, based on this reply, you have absolutely no clue.. I'd listen to mpc if I was you.. the guy has been spot on for weeks.. I've made a lot of money thanks to mpc. You could've too .. but no...
clenzner
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You got to love the "poopster"! I'm following you advice last night and made $600, and I do love it! The only people who don't love it are the ones on the wrong side of the trade. Thx again poop!
Since LTC-USD trading is around 10% of BTC trading, a price move in this pair isn't going to move the market for BTC so it's clearly the other way around. When BTC-USD makes a move all alt-USD pairs make a similar move unless there is some meaningful trigger otherwise to counter it. If those alt-USD pairs did not move with BTC-USD then there would be glaring arbitrage opportunities, especially with a top-5 coin like LTC. Of the top 10 alt-BTC pairs only three are positive in the last 24 hours, ETH, LTC, and VEN. So of the top 10 USD coins by volume ETH and LTC have actually increased in relative value to Bitcoin over the last 24 hours. So when you spout dumb shit like saying that you predicted something, maybe you should learn some basic math and figure, gosh, LTC is actually worth slightly more than yesterday in BTC terms.
Instead of miseducating many of your followers you should show BTC-trading pairs for alts to better explain the market dynamics. It's unfortunate that you spout all this nonsensical bullshit and then pat yourself on the back when something happens for an obvious reason but not the one you are using to explain the event.