MagicPoopCannon

Magic Posts A Bullish Target?! LITECOIN!!! (LTC) =D

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hello, my beloved friends! Welcome to this unusual analysis, on Litecoin! I'm going stick my neck out there, again, and attempt to throw my first upside target on the chart. Before we go on, this is very conditional. It will depend on many factors, such as how LTC responds to upcoming resistance, and if it can make it's way above the downtrend channel . There are new developments on the chart, however, that indicate a reversal may be occurring. The first thing I would like to point out, is the obvious double bottom formation. I've taken the liberty to measure the formation, and I've used that measurement to assume an upside target, from a potential breakout zone. Interestingly, my measurement corresponds with the 50% retrace, which is well above the "heavy resistance" level. That tells me, that we could be forming a long-term bottom here. HOWEVER, the bears are technically still in control. Until LTC gets above the downtrend channel , the bears will continue to have an edge. Just above the current price action, is the 50 EMA (in orange.) It has stopped every recent rally attempt in it's tracks, so the 50 EMA will be a key level to watch, to determine the validity of this analysis. We really want to see LTC break above the 50. That would put the top of the downtrend channel in play, as well as the pink resistance level .

And now, my fellow crypto lovers, I'd like to draw your attention to the star of this analysis — the MACD! As you can see, the MACD has formed two low troughs. Each of which, has been higher than the last. LTC, on the other hand, has continued to trend lower. This is a bullish divergence , and a possible clue to a major reversal. With that said, like all analysis, it is CONDITIONAL. We need to watch the MACD , and the price action closely. Specifically, we don't want to see the MACD break the rising green dotted support level , and we definitely don't want to see it make a lower low. People have been pressuring me to produce a reversal signal, and this is something that could POTENTIALLY be a signal of a bottom forming. Keep in mind though, if the bullish divergence is broken, it would be negated as a potential reversal signal. We can see that a bullish crossover has also occurred on the MACD , confirming the return of the buy-side pressure. This indicator, coupled with the double bottom , and the large presence of buy-side volume , leads me to believe that a bottom could be forming here. Remember, we can't confirm these indicators as a true reversal, until we see a breakout above the downtrend channel . Stay safe out there my friends, and keep an eye on the 50 EMA!

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!

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

-MPC loves you-

-JD-
damn dude.. you are good.
+2 Reply
Whois your daddy! :D
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Thank slot MPC. I just recovered all my loss. LTC touched target what's next shall sell them off or will it go far further? Please reply
+4 Reply
JD, Keep it real as Always! The world hates to be so accurate and right..but It's a good problem to have. I'm all the way with you on the bullish side however, with the following caution points: 1. Jan 17. the first hit at the bottom on the downtrend channel. 2. The 50 EMA, 3 Last but not least 76 % level - they all form a pretty thick wall to break on the upside. As we all know a previous support becomes resistance - so I'll proceed with caution around that level. Like to read your TAs - Best
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chewing away at the resistance not sure we have enough fuel
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Pushing past 4h 50 EMA at this moment, and looking good so far! =D
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Can you please post a upside trend short term for Ether just as you did for this one. Thanks!
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Love you :) I was so tensed today Brought at 142
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Cryptotug akaashhazarika
@akaashhazarika, But a couple more and make it go up please lol
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So headed to at least 160s? Still catching up with the terminology

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