Boombastic Fantastic Can of Wax With a Backflip — Litecoin

Welcome friends, to this update analysis on Litecoin! Let's get it! Looking at the four hour chart, you can see that LTC has climbed slightly, rising back above the neckline of the small head and shoulders pattern. However, LTC appears to be finding resistance at the 50 EMA (in orange) as expected. If you recall from my last analysis, I said "Even if we rallied from here (which is not the most likely scenario) powerful resistance would most likely be found at the 50 EMA." That's exactly what appears to be happening. Regardless, I'm not buying into this under any circumstances right now. As I've said 1,000 times, I wouldn't be interested in buying anything short of a powerful confirmation above the 1200 EMA (in red.) Even if the 50 is surpassed, the Godzilla of resistance is just above, in the form of a convergence between the 200 and 1200 EMAs. Successfully buying below resistance like that, on a regular basis, is equivalent to trying to ice skate down the side of a mountain, while heavily intoxicated. Ninety-nine times out of a hundred, you're going to get slaughtered.

Anyway, the downside target of the blue trendline still remains in tact. The market will gyrate, but the overall movement is still to the downside. The MACD is flattening out right now, so we could see a bearish crossover right here at the zero line. Personally, I believe that this market is headed much lower, but that's just me.

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-