Welcome friends, to this update analysis on LITECOIN! I've got to say, the Litecoin bull is BACK baby! And I'm loving every second of it. Everyone was calling me a permabear on the downhill slide, but Magic put's his bull hat on real quick, when the time is right. Shall we?
Looking at the four hour LTC chart, you can see that LTC is attempting to breakout of the bull flag that I gave you yesterday, in a move that will likely take it up to the top of the new uptrend channel (in pink.) You can see that there is also a bull flag target up at the 23.6% retrace. The target will only be valid, if we see a breakout above the highest point of the flag. Honestly, I'm very bullish on LTC at the moment, but if you look at the bull flag-like patterns on the chart here, many of them look like bull flags, but produce failed breakout attempts. I think this one is different though. We have formed a clear bottom, pretty much exactly on my downside target of 106, we've broken higher from a large inverse head and shoulders pattern, and formed a new uptrend. These are all confirmation signs of bottoming action in LTC. As I'm typing this, LTC is breaking above the top trendline of my bull flag, so it's clear how strong LTC is. I don't usually talk about fundamentals, because I believe that they are only background noise, but there are a lot of strong fundamentals for LTC at the moment. You have Litepay, which everyone has been raving about, and the hard fork that will produce Litecoin Cash (LCC) on Sunday. Owners of LTC will receive 10X that amount, in LCC, upon the launch of Litecoin Cash. So, obviously people are trying to get their hands on LTC, so that they can obtain 10X the LCC. I know Charlie Lee said it was a scam, and blah blah blah. We'll have to see what happens after the fork. On the upside, look for the top of the pink channel to act as resistance. The bull flag target is way up there, but that doesn't mean that LTC will travel in a straight line to it. We may trade in this channel, until we get to that level, so keep that in mind. Personally, I think there is a good chance that LTC breaks above this channel, but that's just speculation. ON the MACD, you can see that we crossed over bearish, but it's about to cross over bullish again. On the downside, the 20 EMA (in blue) is rising into the flag, and should be supportive. Good luck trading everyone, and be safe when you obtain your LCC! Long live the BULL!!!!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
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Here is the chart, where I informed you that the bottom could have been in, for LTC!
Would ya look at dat? Would ya look at it? Would you just look at it? Just look at it. Look at this. Look at this. Would ya look at this. Just. Just look at it. hahahaahhhaaahha
burninern
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@MagicPoopCannon, WTH? are you adjusting your drawings after the fact?? They are ridiculously accurate. Truly grateful for your analysis.
casitapark
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@burninern, It's called seeing the future and after watching MPC for just a few weeks, I know the Higher Power is smiling down on his trusted servant.
Thanks, Poopsie! Sorry I was grumpy yesterday! I appreciate you!
AndersBitcoinSorensen
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Hahaha, dropping the hater bomb at the end :)
Keep up the great work, we are loving it.
This is better than Christmas having so skilled people (You and Alanmasters) TA'ing for us who want to learn, so we can obtain/create a better future for our self.
And even for free.
I'am a VIP member off AlanMasters, but he still give most of it away for free.
God bless you both.
Meijboom
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Thanks again a lot MPC
After loosing a few Because of stupid Actions. I Will follow you. Thanks
Finaly we go make money!