MagicPoopCannon
Long

Litecoin Confirms Breakout!!! (LTC) =D

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Hi friends! Litecoin has done everything that we needed, to confirm a reversal. It is now in a confirmed breakout. Initial resistance will be at the bottom of the 38.2% retracement level, at $266.40. Looking at the chart, we can see the LTC has broken out of the downtrend channel , broken out above the 50 EMA , and broken out above the previous high, to make a higher high. This is what I wanted to see, before getting bullish . A break back below the previous high would be a sign of weakness, and a cause for concern. This has been your friendly market legend — MPC! Please follow, comment, like, and share on social media.

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

-JD-
Comment: Update: Litecoin has rallied all the way up through the 38.2% retracement level, to a high of $270.00, before falling back toward the "previous high." It is currently testing that level, at $253.00. Ideally, the bulls want to see LTC turn higher, and confirm the "previous high" level as new support. That would be a bullish sign, for short-term trading. I will keep you posted.
Comment: Update: After breaking out, Litecoin has attempted to define the "previous high" of $253.00 as new support, but has fallen back below it, and is now trading at $248.00. This is concerning weakness, that could be indicative of a failed breakout attempt. I will keep you posted as this develops.
it broke out.... then got shot! :)
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keep it long term you will see the ATH 400 again no doubt. :)
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Of course LTC is gonna X3 this year, 600$ is of course an honest price.
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lol
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Thanks for the updates for sure. All of the sector took a dump at the same time so I'm assuming there was some piece of news released but I haven't found it yet.
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Thanks for the effort that you put in updating, what do you think of LTC in the long term? I also intend to add some more to my position soon and look forward for your updates.
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keep it up LTC!!!
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jmgardner jmgardner
MPC, thanks for the the great TAs and the constant updates !
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@jmgardner, My pleasure! Thank you for following! Please don't forget to share, and spread the word. =D
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In theory, is it general knowledge to buy on a breakout for any stock?
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