MagicPoopCannon

Litecoin Fails At Channel & Loses The 50 EMA! (LTC)

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Looking at the Litecoin fractal , you can see that it is playing out nicely! Price rallied to the top of the downtrend channel as expected. Although, price did not make contact with the top of the downtrend channel , it did get very close. Now, we can see that price appears to be breaking to the downside, just as I had anticipated in the previous analyses. However, my BTC analysis has caused me to rethink how low I see LTC going. Since I expect BTC to hold the rising arch on it's log chart (which is currently about 30% lower) I expect that LTC will likely see a similar decline. A decline of 30% from the current levels would put LTC around the double bottom area. So, assuming that BTC holds it's rising arch on the log chart, I think there is a decent possibility that LTC could hold double bottom . With that said, the fractal still applies, and suggests that we will see a selloff now, as price appears to be rejecting the top of the downtrend channel , and is currently falling back below the 50 EMA (in orange.) It is still possible that we could see a powerful surge to the bottom of the channel, and into the single digits. However, that would mean that BTC has broken it's rising arch support on the log chart, which has existed since it's inception. Until that happens, I don't think it is responsible to assume that technically it will. Therefore, I think it is likely that the double bottom area of LTC could hold as support, and that could effectively be the bottom in the bear market, assuming the aforementioned deviations don't occur. Obviously, if the double bottom is lost, then the bottom of the downtrend channel or the 6-7 area would be the target.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
Nope. Market cycles win.
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U got a turtle head popping out there
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You gonna update or ??
+2 Reply
rekkkkkttt
+1 Reply
Coglionereeee porcodioooo
+2 Reply
Bullflagging hard right now on what appears to be very low sell volume
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UPDATE !
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Please update, LTC is now $42 :)
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Well, gold is up $2, that’s a positive.
+1 Reply
Pump & Dump likes everyone breakout =)
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