Magic Posts A Bullish Target!? LITECOIN! (LTC)

BITFINEX:LTCUSD   Litecoin / Dollar
Hello, my beloved friends! Welcome to this unusual analysis, on Litecoin! I'm going stick my neck out there again, and attempt to throw my first upside target on the chart. Before we go on, this is very conditional. It will depend on many factors, such as how LTC responds to upcoming resistance, and if it can make it's way above the downtrend channel . There are new developments on the chart, however, that indicate a reversal may be occurring. The first thing I would like to point out, is the obvious double bottom formation. I've taken the liberty to measure the formation, and I've used that measurement to assume an upside target, from a potential breakout zone. Interestingly, the measurement corresponds with the 50% retrace, which is well above the "heavy resistance" level. That tells me, that we could be forming a long-term bottom here. HOWEVER, the bears are technically still in control. Until LTC gets above the downtrend channel , the bears will continue to have an edge. Just above the current price action, is the 50 EMA (in orange.) It has stopped every recent rally attempt in it's tracks, so the 50 EMA will be a key level to watch, to determine the validity of this analysis. We really want to see LTC break above the 50. That would put the top of the downtrend channel in play, as well as the pink resistance level .

And now, my fellow crypto lovers, I'd like to draw your attention to the star of this analysis — the MACD! As you can see, the MACD has formed two low troughs. Each of which, has been higher than the last. LTC, on the other hand, has continued to trend lower. This is a bullish divergence , and a possible clue to a major reversal. With that said, like all analysis, it is CONDITIONAL. We need to watch the MACD , and the price action closely. Specifically, we don't want to see the MACD break the rising green dotted support level , and we definitely don't want to see it make a lower low. People have been pressuring me to produce a reversal signal, and this is something that could POTENTIALLY be a signal of a bottom forming. Keep in mind though, if the bullish divergence is broken, it would be negated as a potential reversal signal. We can see that a bullish crossover has also occurred on the MACD , confirming the return of the buy-side pressure. This indicator, coupled with the double bottom , and the large presence of buy-side volume , leads me to believe that a bottom could be forming here. Remember, we can't confirm these indicators as a true reversal, until we see a breakout above the downtrend channel . Stay safe out there my friends, and keep an eye on the 50 EMA!

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: Sorry for the double post. Technical difficulties. Must be the universe putting my bullish target on blast. SMH
Thank you, sir. Another test of the upper downtrend line today. :-)
Broke down?
+2 Antworten
How long can it hold this $150 price level?
I think it has one more big dip before any type of break out.
+3 Antworten
piatt.jesse tnewdigate
@tnewdigate, Are you thinking back down the 125 area? Looks like the price just got rejected at the upper down trend line to me.
+1 Antworten
tnewdigate piatt.jesse
@piatt.jesse, I’m thinking more like $102 range. My boss and I mapped out an ABCDE triangle correction and it seems to be following it well. It’s on C now and will probably hit closer to $105. Then (D) and then (E) which will be a little lower than (C) and then we should see the breakout after E. So two more dips and one rise in between before the breakout.
+5 Antworten
Williebeamin tnewdigate
@tnewdigate, i been waiting on that w my rabbits foot and wishbone in hand ever since i missed the 100.83 first dip lmao
+1 Antworten
tnewdigate Williebeamin
@Williebeamin, No need to worry about it, bub. It’s happened twice and is on its way down again. I’m trying not to be greedy, so I have buy offers in at $110.50. I still think it’ll go a bit lower than that though.
Williebeamin tnewdigate
@tnewdigate, thats my thing now, trying to not be too greedy i missed the 100.83 because i put 100 flat lol a couple users advised me to use weird numbers like 102.34 n such to b easier caught and filled in the books. Is there ever a rule of thumb for these type of things or just that "feeling?"
Snuby3 tnewdigate
@tnewdigate, I think that too
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