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.***
Not just you.
Putting FA and TA aside, even with just common sense, it took more than 2 years rally to get the price to the ATH, it'll take at least (if not the same amount of time) to correct.
Face it.. there won't be any bull run for at least another year.. i know this is a tough reality to accept while you are in "Moon" dream, that's when you need need to wake up..
E_Kid
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@baby-shark, The past is not the same as the future. Times were very different two years ago. How many people knew about cryptocurrency two years ago compared to today, let alone the future.
such a typical moon dreamer, underestimate how market works and human psychology (greed/fear). let's realize every single soul in crypto is trying to get rich quick, ask yourself and people around you the same question. it requires so much money from a lot more new buyers to rally back to ATH, you have no idea how many who bought there desperately wanting to sell at their breakeven point (heavy supply), most investors already spent their bucks near ATH and they stopped buying long ago (thin demand), and don't tell me institutions coming into the space will drive the price up, coz they won't, there's a reason they are called 'smart' money, they let the organic market demand to do the work, the 'dump' money.
adoption takes time, not a month, not even a year, but years. everything takes time, moon dreamers need to learn to be patience.
@baby-shark, You are quite the logical thinker, good sir. Although I disagree on your timeline. It might be several more months or even a year before new ATH, but probably not 2 years. If I could foresee the future ATH in 2 years however, I'd be okay because I have many other plans, and it would give me more time to buy LTC to make those plans come true.
Back to what I was saying-so many new people now are not just buying, but promoting adoption too. Adoption is slowly on the rise and will have a great effect on ATHs being made or not, but patience is key as you say, unless you want to risk day trading 24/7 to ride the trends.
baby-shark
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@jbutler7, adoption is a process, that itself takes years before we see real life use case, think about the change required moving from traditional payment into crypto, its not exactly plug and play.
Then there's also market confidence to be built after this crash, new players too scared to get in. Yes, adoption will help but not instantly.
That's the logical thinking. As much as everyone else, i do want to see ATH break in a year, but personally Id rather align my expectation to what's realistic to be able to make sane buy/sell decision, something you won't be able to do if you are in the moon dream
jbutler7
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@baby-shark, Good points. I agree that lots of new buyers are too scared to buy at these prices post-dump. I see it on robinhood open chat (a cool, unique feature of RH crypto) when people only buy 10-50$ worth of BTC. These are all newcomers, too scared to take any sort of a plunge because of any adoption. The things people say there reek of newbishness, fear, uncertainty, and doubt.
Personally, I am adaptable to whatever the market does. If it rockets, great! I will be hodling and using my money where I need to. If it drops, I'll be buying more, because I've invested what I can afford to lose, I'm confident in market recovery, and am patient thus far through several drops (been hodling/accumulating since shorly before the china fud last year). You wont see me chasing too many short to mid-term trends.
Adoption will definitely take time. Like Andreas Antonoupolous has said, changing infrastructure takes time. Moving from horses, buggies, and dirt roads to cars and freeways wasn't an overnight transition. But, given that this is a digital infrastructure change and not physical, it can happen faster than one might think. The biggest hiatus right now is gov. regulation in my opinion. That's why I'm on twitter so often looking for updates on my favorite coins.
With that said, I really need DGB to drop lower so I can add lots more to my bags >:D
baby-shark
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@jbutler7, investing the money you can afford to lose, that's how it should be. good luck friend.
temjin93
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@baby-shark, Agreed the last major moon rally was in 2014, so we may have to wait for several years for another moon spike. That will give us time to buy low again, patience, all things in time.
muhammadabdullah
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LTC price will rise in a week or two... 200ish coming
Putting FA and TA aside, even with just common sense, it took more than 2 years rally to get the price to the ATH, it'll take at least (if not the same amount of time) to correct.
Face it.. there won't be any bull run for at least another year.. i know this is a tough reality to accept while you are in "Moon" dream, that's when you need need to wake up..