41% Drop Since My "Ugly Ugly Litecoin" Post! You With Me? (LTC)
Hi friends! As many of you know, I issued my first major warning on Litecoin, on January 9th, in a post called "Ugly Ugly Litecoin!" Since then, the price of LTC has fallen an incredible 41%! Many of the other "Top" analysts on TradingView were calling for LTC to launch into outer space, but I gave you the real warning, when it really mattered. If you want to learn how to trade like a legend, forget those other guys. Follow the MagicPoopCannon! I won't lead you astray.
Looking at the four hour chart for LTC, we can see that the selling pressure remains strong. At the moment, the bears have total control of this market. On the MACD, momentum continues it's relentless expansion to the downside, as panic sellers choke the life out of the bulls. Support lies just below, at the 78.6% retracement level, around $150. A sustained break below that, will likely send this market down to $127. On the plus side, we can see that volume is starting to decline, showing some emerging exhaustion in the selloff. also, we are in oversold territory on the indicators, so a pause may materialize, as traders assess the damage. Look for the $150 level to hold. If it is broken, further selling will most likely ensue. On the upside, resistance lies at the red trendline, and then the bottom of the falling parallel channel.
The haters who were once so loud aren't saying much now! Are they!? LMFAO =D
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. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the four hour chart for LTC, we can see that the selling pressure remains strong. At the moment, the bears have total control of this market. On the MACD, momentum continues it's relentless expansion to the downside, as panic sellers choke the life out of the bulls. Support lies just below, at the 78.6% retracement level, around $150. A sustained break below that, will likely send this market down to $127. On the plus side, we can see that volume is starting to decline, showing some emerging exhaustion in the selloff. also, we are in oversold territory on the indicators, so a pause may materialize, as traders assess the damage. Look for the $150 level to hold. If it is broken, further selling will most likely ensue. On the upside, resistance lies at the red trendline, and then the bottom of the falling parallel channel.
The haters who were once so loud aren't saying much now! Are they!? LMFAO =D
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. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-