MagicPoopCannon

Litecoin Sets The Launch Pad! (LTC)

BITFINEX:LTCUSD   Litecoin / Dollar
Hi friends! Welcome to this update analysis on Litecoin! Let's jump right in! As you can see, an absolute miracle has happened! LTC has finally managed to get above the 50 EMA! The question now, is will it hold? If you remember from my last post, we discussed how the double bottom had met the majority of my qualifying requirements, to classify as a double bottom . I was a definitely unimpressed with the stall under the 50 EMA , but the double bottom pattern is holding true, pushing LTC higher. On the last post I said "In short, LTC had better get it's a$$ above that 50 EMA , or this may not be a double bottom . Remember friends, never ever trade a pattern until you see the breakout. In this case, the breakout level is at the pink trendline ." So, we can see that LTC is continuing to move in the right direction. However, this formation will not technically be solidified as a double bottom , until the breakout above the pink trendline occurs. At that point, I will remove the word "hypothetical" from the double bottom target. REMEMBER, we are still inside of a downtrend channel . However, if LTC breaks out above it, and especially if we get above the pink line, I will be extremely bullish on this market. Keep a close eye on the top of the downtrend channel . It's do-or-die.

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-
Hey @MagicPoopCannon, what's your take on LTC's correlation with BTC? Your other charts are calling for a bear trend with BTC but a launchpad for LTC. Is it conceivable that, if BTC does run for another bottom, that LTC still gains? Or will LTC necessarily be dragged down with it? My hypothesis is the latter, but curious how you account for their relation to one another.
+5 Antworten
Keawe967 attackula
@attackula, everything comes down with Bitcoin. A lot of people thought they could switch to Ethereum with the last big fall. How’d that workout for them?
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calling 120 - 110 on the last bounce down as etc heads lower. Nice bounce at 150 when it touches the orange line.
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cryptoexcedrine cryptoexcedrine
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Bought now. Believe LitePay will push LTC a lot.
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dinopiccinin modellbobby
@modellbobby, You just couldn't wait until it was definitively passed the resistance.... Not smart lol.
+1 Antworten
modellbobby dinopiccinin
@dinopiccinin, yeah this was dumm. but learned a lot :)
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dinopiccinin modellbobby
@modellbobby, A mistake can be turned into a great learning experience :) Good luck!
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dinopiccinin modellbobby
+2 Antworten
I think, it's will go with H & S before the pink line
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