Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the four hour chart, you can see that LTC has run into resistance at the 1200 EMA (in red,) EXACTLY as I have been warning. Additionally, you can see that the bear flag has broken down, and it is actually producing yet another small bear flag, just below the main flag. Everything is going as planned, and the market as a whole appears to be gearing up for the next leg lower, after the bearish consolidation that we printed. My target is on the blue trendline, but for all of the noobs out there, targets are just GENERAL GUIDELINES of where the market COULD go. As the market moves, we have to assess support and resistance along the way. As you can see, there is a grey support/resistance zone that is just above the target trendline, so we will have to assess the reaction in that area, and others, as price approaches the target zone.
As I write this, the small new bear flag is continuing to develop nicely. On the MACD, it appears as though it may crossover bearish, so be aware of any developing momentum shifts. 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.***
-Magic loves you-
-JD-
As I write this, the small new bear flag is continuing to develop nicely. On the MACD, it appears as though it may crossover bearish, so be aware of any developing momentum shifts. 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.***
-Magic loves you-
-JD-