Litecoin Hits The 1200 EMA! Here's What Could Follow! (LTC)
Hi friends! Welcome to this update analysis on Litecoin! Looking at the four hour chart, you can see that LTC has moved exactly as anticipated by my last analysis. We have seen the retracement back up toward the 1200 EMA (in red.) The question now, is whether or not LTC fails here, confirming the 1200 EMA as resistance. At the moment, LTC appears to be rising above the 1200, but on previous instances where it held as support, you can see that it occasionally dipped slightly below.
However, in addition to creeping above the 1200 EMA, there are more bullish developments on this chart. You can see that LTC has broken above the falling channel (in pink) that it was in, and it has also formed a bullish crossover on the MACD. Notice, however, that more falling resistance is just ahead, as the 50 and 200 EMAs move to deathcross one another. Additionally, LTC and BTC are both still inside of potential bear flag formations. I'm not sure about you, but it's not my thing to go long when price could be inside of a bear flag. You can see that even if price rises all the way up to the 50 and 200 EMAs, it would STILL be inside of a potential bear flag. So, I'm personally not interested in longs right here. If you recall from my previous analyses, I said that my upside target was a rally into the 1200 EMA. That target has been reached, and now I'm curious to see if the 1200 will act as resistance, which I think is a very likely scenario.
If LTC DOES continue it's decent to the blue trendline, as I have defined in the previous analyses, it would have then produced a corrective move that is exactly equal to the fall highlighted on the left side of my chart. Therefore, despite the mild bullish developments, the primary analysis still points to a correction to the blue line. 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-
However, in addition to creeping above the 1200 EMA, there are more bullish developments on this chart. You can see that LTC has broken above the falling channel (in pink) that it was in, and it has also formed a bullish crossover on the MACD. Notice, however, that more falling resistance is just ahead, as the 50 and 200 EMAs move to deathcross one another. Additionally, LTC and BTC are both still inside of potential bear flag formations. I'm not sure about you, but it's not my thing to go long when price could be inside of a bear flag. You can see that even if price rises all the way up to the 50 and 200 EMAs, it would STILL be inside of a potential bear flag. So, I'm personally not interested in longs right here. If you recall from my previous analyses, I said that my upside target was a rally into the 1200 EMA. That target has been reached, and now I'm curious to see if the 1200 will act as resistance, which I think is a very likely scenario.
If LTC DOES continue it's decent to the blue trendline, as I have defined in the previous analyses, it would have then produced a corrective move that is exactly equal to the fall highlighted on the left side of my chart. Therefore, despite the mild bullish developments, the primary analysis still points to a correction to the blue line. 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-