MagicPoopCannon

While Bulls Call The Moon, Litecoin Flies A Big Bear Flag (LTC)

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Welcome friends, foes, animals, aliens, my family of crypto lovers, to this update analysis on Litecoin! Let's get it! Looking at the four hour chart, you can see that the current bear flag has produced a breakout to the upside. However, this upside breakout appears to have found resistance at the 50 EMA (in orange) again, and price is reversing back toward the flag. If LTC makes it's way back into the extended bear flag body, that would be a failed upside breakout of the bear flag , increasing the odds of a breakdown. On the other hand, if support is found at the top of the flag, and price does not reenter the body, that would actually be a bullish confirmation of support. So, pay close attention to what happens here. Litecoin is very weak, but the most likely scenario, is that the sellers are just letting the market consolidate. Right about now, an increasing amount of people are starting to get bullish on crypto — speculating that the bottom is in. I don't buy that for one second. Don't lose sight of the technical destruction that has been done to this market. Before I go bullish , it has a lot of proving to do. At a minimum, I need to see Litecoin get above the triangle that it just broke down from, or print some majorly bullish formations on the chart. Until that happens, I'm taking sell-side trades only. The trend is my friend, and the trend is down, down, down. In general, I view this drawn out sideways consolidation as more of a huge bear flag than anything. To illustrate this, I have drawn a big pink bear flag over the current price action. It does have an extended flag body, but it is still a bearish consolidation. Even if LTC rallied up to the 130 area, it would only be retesting the top of the bear flag . So, in general, I do believe that this is still very bearish price action. In case you were wondering, the fractal pattern still remains, but I wanted to remove it to cover the alternate view, which is a large bear flat. 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.***

-Magic loves you-

-JD-
Comment: Despite today's rally, LTC is still in a bear flag.

Hi friends! I hope you're all doing well today. Let's take a look at Litecoin! Looking at the four hour chart, we can immediately see that Litecoin has failed to make it's way back into the rising parallel channel (blue.) Now, it has broken below the 50% retracement level, as well as the 200 EMA (in purple.) Momentum is turning to the downside, increasing the likelihood of further selling. As I said in my last post, support rests around $225, which is being tested right now, and then $200. If we break $200, Litecoin could experience a panic selloff. Why, you ask? I'd like to draw your attention to the chart. If you look at the left side of the chart, you can see that between the 61.8% retracement level, and the 78.6% retracement level, Litecoin just ripped higher, when it was rising to an all time high. So, there isn't any real support or resistance in this region, except for the red trendline that extends from the low on 12-22-17. Other than that, it should be smooth sailing down to the 78.6% retracement level, which is at about $152.25. I want to emphasize the fact that =====I am not saying that LTC is going there for sure=====. All I'm saying is, look at the left side of the chart! Do you see how fast it went up through there? It could go down through there just as fast, if not faster. I'm not trying to spread fear. I own Litecoin for Christ's sake. Do you think I want to see all of these bearish developments? No. I'm just being real. I'm showing you, what the charts are showing me, from one fellow litecoin lover to another. On the upside (if there is an upside) the bulls need to get back above the 50 EMA (in orange,) and start posting some new highs.

Poop's comments when LTC was 225. He did not believe himself that LTC was going to 152.....now he says i'm allahu akber god the etc etc
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Warning: Head and Shoulder!
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@bahmani, what does that mean
+1 Reply
AmritMahajan AmritMahajan
@AmritMahajan, up or down
+1 Reply
bahmani AmritMahajan
@AmritMahajan, If H&S pattern going to be completed and we have a successful breakdown we'll see 7500 or maybe lower... And of course nothing is definite, and we are only talking about possibilities.
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Just because you see a Bear flag it doesn't mean it is going to work out as you expect. You put too much confidence in these things.
+2 Reply
lol someone doesnt have enough ltc yet
+1 Reply
Poop shit the bed on this one. Shithappens.
+3 Reply
"Moon" is relative. For yesterday's buyer, moon was reached today, bearflag or no bearflag.
+3 Reply
I had to come and see the jokes today. A ten percent move today. Now i would take some ltc off the table and lock in profits!!!! But i didn't miss the 10% move...That's $1,000 dollars for every $10,000 dollars you have invested..I hope you guys didn't miss a chance to increase your Ltc holdings by 10% before the pull back..Because if ltc pulls back 10 to 15 percent now you will be missing maybe 20 percent ....
+3 Reply
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