bmad316

Trend Reversal for Litecoin?

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Hi guys, this is my first published chart. I am relatively new to this so any feedback would be great!

It seems to be we may have potentially formed a double bottom around the 100 mark.

As you can see, the volume at these levels twice brought out the bulls in full force.

We can also see that there has been a bullish cross over within the MACD .

We are at a critical point where we are trading right below the 50 day EMA , which has been highly resistant in the past.

If Litecoin can break through the 50 day EMA , it will zero in on the top of the downward channel and heavy resistance at about the 180 levels. And a break through on those, will convince me that there has been a market reversal and control has been taken away from the bears. But all this could change in an instant, in fact, while writing this, Litecoin came so close to touching the 50 day EMA and immediately pulled back a bit!

Stay tuned!!

These are very exciting times!!

-Bmad
Comment: Edit: Litecoin touched the 50 day EMA on the 1hr chart, and I have posted the 4hr chart here! Looking at too many charts at once!! But the 50day EMA still is a target that Litecoin needs to burst through, on any chart!
Comment: ignore previous comment. i was right on which chart it was! gosh, home sick doing this stuff and i obviously got confused! lol thanks guys! sorry for any confusion (if there was any).

The obvious point right now is that the 50 day EMA is very resistant. We have failed to breakthrough over the past few hours, however buying has been very strong each time there has been a small dip under 140. This situation needs to be monitored VERY closely.
Comment: We have a strong move above the 50 day EMA and are now trading at the top of the downward channel. Momentum is continuing to build. But the resistance is large and we are now trading right at the tip of it. Stay tuned!
Comment: We have been convincingly rejected by the 50 day EMA line. This is worrisome. The double bottom target could turn into a triple bottom or could be an invalid analysis altogether, stay tuned.
Comment: TREND REVERSAL has been CONFIRMED! I will be posting a new analysis about the new upward trend i believe LTC to be in!
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