MagicPoopCannon

A Bear Flag and More Downside For LTC

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
571 6 4
Looking at the four hour chart, we can see that LTC has formed a textbook bear flag , underneath the 200 EMA . This bearish consolidation pattern has been formed by several unsuccessful attempts to rally back above the 200 EMA . The bear flag should break to the downside, pushing LTC to the next major target area of around $150. Recently, there has been some speculation about the legitimacy of my head and shoulders target, near the $106 area. Although that is a long way down, I would like to caution investors, who think that certain downside targets are not achievable. In terms of the technical formations (the massive head and shoulders , and the huge symmetrical triangle breakdown,) my downside targets are very realistic. Just to clarify how I achieved the possible downside target of $106, I took the highest point of the head and shoulders and measured it down to the neckline, then copied that distance over to the breakdown point. The height of the symmetrical triangle can also be used as a downside price target generator, but that would be much lower than $106. Those are basic target finding techniques in technical analysis . It is entirely possible that LTC never makes it to $106. However, given the expanding sell volume , and the multiple bearish formations, it is definitely possible that $106 is reached. As a word of advice, never be so convinced by your investments, that you think they can never fall. Always consider the worst case scenario.

-Jeremy D-
Comment: ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Comment: ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
i dont see under 150 unless BTC is dropped to 8k - Looks more like its hitting 250 then back down , then early 2018 its hitting $625
Reply
@mycotoxin, On December 22nd, litecoin fell from $309 to $173. Stay on your toes, my friend. $150 could easily be reached.
Reply
Broke the flag upwards. Let's see if it holds
Reply
MagicPoopCannon Joseph_Bueno
@Joseph_Bueno, I have adjusted the top side of the bear flag, to include one of the candle wicks. It puts the most recent action back inside of the bear flag. There was a bullish crossover on the MACD, but it's still inside of the bear flag. However, I see that we are attempting to move back into the apex of the symmetrical triangle, and we're now above the 200 EMA. The buyers are definitely trying to rescue LTC. We'll see what happens.
Reply
wish to go there,to buy tones of it,2018 is LTC year
Reply
@afreet77, I agree. These lower prices are definitely nice to see. Hopefully it will stretch a bit lower before heading back up again. Good luck, and thanks for commenting.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out