MagicPoopCannon

Is The Bottom In? LITECOIN! (LTC)

BITFINEX:LTCUSD   Litecoin / Dollar
Hi friends! Welcome to this update analysis on Litecoin! Well, as you can see, yesterday's formation was NOT a bear flag , and we seem to be putting in a V bottom. Looking at the MACD , we can see that a bullish crossover has occurred, and buy-side volume begins to light up the chart, as the bulls try to form a bottom in the bear market. If you recall from yesterday's post, we were actually trading below the $124 support level , and there wasn't a bullish crossover on the MACD . As I said in yesterday's post, I did buy near the low, at $108.50. I think there is a decent chance, that the bottom could be in. However, there is one major thing that I need to see, to feel very confident about that statement, and put more bullish money to work. I want to see LTC break out above the downtrend channel , and particularly, I want to see it get above the "Heavy Resistance" level at the 618. Just above the current price action, is the 50 EMA (in orange.) It has been very resistive thus far, so it will be important to see how LTC responds to the 50 EMA , after this bottoming attempt. If we surpass the 50, it would be an indication that the bulls have some real momentum. Ultimately, the bears maintain control, until the downtrend channel is surpassed, and LTC begins to form higher highs.

Recently, I've been seeing some feedback in my comment sections, from people who are questioning my bullish post in LTC, while still having bearish targets in LTC and others. People were saying that it didn't make sense, and that it was stupid and so forth.

Well, here is my reasoning, which I've made very clear in all of my analyses. As I've stated, the targets that I produced on my charts, which were derived from measurements of structures, would only be reached if the respective structures retraced to 100% of their corrective potential. As you can see, LTC reach the target. However, BTC             , ETH, XRP and others, did not. I've always said, that bearish structures don't always retrace to 100% of their potential. That is common knowledge in technical analysis . Likewise, bullish structures don't always break out to 100% of the breakout potential. Sometimes they do, and they go even farther. The point is, with each chart, I was simply trying to illustrate the maximum downside potential, based on the structures created on the chart. If the market reverses as a whole, and some targets are met, but other targets aren't, who cares? The market has reversed! The current bounce is nice, and it could definitely be a bottom in the bear market. Or, it could be a dead cat bounce, before this market swallows the bulls like chunks of chicken soup. Personally, I'm long, but with very tight stops. As I'm writing this, LTC is beginning to test the 50. Let's see what it does.

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-
Kommentar: Correction: "Bearish targets in BTC and others"
LOoks like the double bottom could be confirmed soon.
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Thanks Magic. This LitePay and LitePal announcement could reset the bearish sentiment behind the previous price action. I am not sure but if volume buys start coming in, LTC could be the bastion crypto for a while. Any thoughts? Also, do you see volume increasing?
+1 Antworten
Any update? Thank you.
+1 Antworten
Mr. Poop Cannon sir, your nuanced and wise LTC analysis has brought enormous gains to my portfolio. My cat will be eating the fancy kind of wet food for a long time to come!
+2 Antworten
MagicPoopCannon TOP lindsayshaver33
@lindsayshaver33, Give Meowingtons my love.


-Magic-
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we are breack 50 ema, update please
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Thanks for all the great works so far mate. By the way, can you bring back the old magic poop avatar? I miss that. lol
+1 Antworten
Thanks for the TA. Too bad some don't appreciate the time/effort put into TA. It's easy spouting criticism (i.e. Monday morning quartebacks)
+3 Antworten
My strategy is simple, buy the FUD. Works all the time!... Find me a single time in history in any market where buying the FUD in general has not worked. I’m waiting...
+2 Antworten
@streetgainer, Plenty of assets have crashed indefinitely. Take Lehman Brothers, as a quick example out of millions. Lehman Brothers was a highly respected institution, and some unseasoned investors certainly saw what they perceived as value during the midst of it's collapse. Unfortunately for them, the recovery never came. HODL won't work forever. It's a fool's strategy.

-Magic-
+3 Antworten
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