Looking at the four hour chart, we can see that Litecoin is charging higher this morning, negating the bear flag that was on the chart yesterday. It has regained the 200 EMA, as well as the 50 EMA, and it's currently challenging the previous high, from December 29th. There is a nice uptrend channel that has formed, (green) and Litecoin is riding it higher. For prices to continue to surge, we will need to see a breakout above the previous high, and then the 38.2% retracement level around $266. Adding to the bullish turn, we can see that the MACD is crossing above the zero line, after it had a bullish cross yesterday. Thats a short term buy signal, but I would want to see a higher high first.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
When you want accurate analysis, turn to your trusty friend, the MagicPoopCannon
I'm out.
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
When you want accurate analysis, turn to your trusty friend, the MagicPoopCannon
I'm out.
-JD-