9.5% Fall After Last Litecoin Analysis! More To Come! (LTC)
Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the daily chart, we can see that after the last analysis, LTC fell 9.5%, from 32.60 to 29.51. Since yesterday's low, we can see that LTC has rallied back to the 32 area. Now, before we get bullish, and think that the bottom is in, we have to assess the data on the chart.
Looking back at the action following prior bearish daily MACD crossovers, we can see that every single one had a green candle on the 2nd, 3rd, or 4th day after the bearish crossover. So, the fact that we are seeing a green candle today is not a deviation from the normal progression of selling after a bearish daily MACD crossover. Now, it would be different if we had a powerful green candle that closed above the 50 EMA (in orange.) However, that is not currently the case. Until we see something different, we currently have no technical reason to believe that the selling is over. The 50 EMA is the line in the sand. A close above it would change things. Technically, we have already seen a 10% fall, which is consistent with a decline after a bearish crossover. There is no guarantee that we will see more downside. However, given the technical indications, it is highly likely that the market will continue to fall.
As this progresses, it is becoming increasingly likley that we will see a double bottom test. So, that is a very real possibility right now.
Be smart. Be nimble. Good luck trading everyone!
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-
Looking back at the action following prior bearish daily MACD crossovers, we can see that every single one had a green candle on the 2nd, 3rd, or 4th day after the bearish crossover. So, the fact that we are seeing a green candle today is not a deviation from the normal progression of selling after a bearish daily MACD crossover. Now, it would be different if we had a powerful green candle that closed above the 50 EMA (in orange.) However, that is not currently the case. Until we see something different, we currently have no technical reason to believe that the selling is over. The 50 EMA is the line in the sand. A close above it would change things. Technically, we have already seen a 10% fall, which is consistent with a decline after a bearish crossover. There is no guarantee that we will see more downside. However, given the technical indications, it is highly likely that the market will continue to fall.
As this progresses, it is becoming increasingly likley that we will see a double bottom test. So, that is a very real possibility right now.
Be smart. Be nimble. Good luck trading everyone!
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-