Crypto Set For Another Drop — Litecoin Looks The Strongest (LTC)
So, I know I just posted on LTC earlier today, but I there is something that I want to point out. If you've reviewed my other charts, you know that I've identified bear flags on several of the top coins. However, LTC has exploded higher, out of what I originally perceived to be a bear flag consolidation. I've been pondering why this is happening. Why has LTC launched higher, but all of the other top coins that I review appear to be in a bear flag consolidation? The obvious thing that I've noticed, is that LTC is the only one that actually reached my downside target. Isn't it interesting that LTC is the only one that met my target, and it's also had the strongest bounce?
ETH, BTC, XLM, XRP, and many others are in obvious bear flag consolidations. I've had a lot of people say "your bear flag identification sucks lately," and blah blah blah. I hear it every time. Then, they all come back with their tails between their legs, after the market moves with my calls. Regardless, the point I want to make, is that LTC reached the target and bounced the hardest. It is highly possible that the market has not completed the selloff. However, I think LTC is suddenly in a much better position than the other coins. It bounced super hard, the volume is solid green and still rising, the MACD looks super strong, and I do like what I see here. Now, will the rest of the market roll over? In my opinion, it sure looks that way. Unless those bear flags start to breakout to the upside, I think the market is poised to head lower, until some of the other coins get closer to my targets. UNDERSTAND, the targets aren't a certainty! I've always said (and this is common analysis knowledge) patterns don't always retrace to their full potential. You can see that in my previous posts. However, if the market does turn lower again, it will drag LTC with it, but LTC will probably much more resilient going forward. Remember, a bounce doesn't kill a bear market. Severe damage has been done. We need to get back above this downtrend channel, and the heavy resistance, before a bull market can return. As you can see, LTC is flirting with the 50 EMA (in orange) at the moment. It has been very resistive in the past, so if LTC has a sustained break above it, that should put the bottom of the pink resistance, and then the top of the channel in play. Please remember that these are my opinions. I do not trade these opinions, until I see supporting evidence materialize. I will never trade a flag before a breakout. Bull flags occasionally break to the downside, and bear flags occasionally break to the upside. You always have to wait for the evidence to materialize first. Anyway, I just wanted to share my point of view. Good luck traders!
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-
ETH, BTC, XLM, XRP, and many others are in obvious bear flag consolidations. I've had a lot of people say "your bear flag identification sucks lately," and blah blah blah. I hear it every time. Then, they all come back with their tails between their legs, after the market moves with my calls. Regardless, the point I want to make, is that LTC reached the target and bounced the hardest. It is highly possible that the market has not completed the selloff. However, I think LTC is suddenly in a much better position than the other coins. It bounced super hard, the volume is solid green and still rising, the MACD looks super strong, and I do like what I see here. Now, will the rest of the market roll over? In my opinion, it sure looks that way. Unless those bear flags start to breakout to the upside, I think the market is poised to head lower, until some of the other coins get closer to my targets. UNDERSTAND, the targets aren't a certainty! I've always said (and this is common analysis knowledge) patterns don't always retrace to their full potential. You can see that in my previous posts. However, if the market does turn lower again, it will drag LTC with it, but LTC will probably much more resilient going forward. Remember, a bounce doesn't kill a bear market. Severe damage has been done. We need to get back above this downtrend channel, and the heavy resistance, before a bull market can return. As you can see, LTC is flirting with the 50 EMA (in orange) at the moment. It has been very resistive in the past, so if LTC has a sustained break above it, that should put the bottom of the pink resistance, and then the top of the channel in play. Please remember that these are my opinions. I do not trade these opinions, until I see supporting evidence materialize. I will never trade a flag before a breakout. Bull flags occasionally break to the downside, and bear flags occasionally break to the upside. You always have to wait for the evidence to materialize first. Anyway, I just wanted to share my point of view. Good luck traders!
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-