Hi friends! Welcome to this update analysis on Litecoin! Looking at the four hour chart, we can see that a continuation breakdown, from the symmetrical triangle, is developing. The bear flag that formed below the triangle, has quickly produced a strong breakdown. Currently, you can see that LTC is testing the 78.6% retrace, which has already been pierced. We can see that MACD momentum is expanding to the downside, as the sell-side pressure continues to increase. Overall, LTC continues to inch closer and closer to the $105 target, which has been on my chart for weeks! The new narrative of the hate crew, is that "it's easy to call for downside in a bear market" blah blah blah. Clearly they've forgotten that I called the top, from the first head and shoulders. At that time, they were telling you to buy the dip or HODL because LTC was about to go to the moon! "HODL" is a foolish cryto-crowd tactic, created by uneducated and inexperienced crypto investors. Why HODL, when you could short and make money on the downside? Why is everyone so fixated on being bullish? Wait a minute. I know why! It's because they aren't real traders. Most crypto investors probably have no idea how to short things in the first place, so they just buy and HODL. Do you see the problem there? There is no guarantee that a recovery will ever happen. Past success, is in no way indicative of future results. Believing otherwise, is an amateur mistake that will eventually destroy you. If/when the bull returns, I will be a bull. Anyone who is bullish, before a reversal confirmation materializes, is a fool. Hands down. HODL won't work forever. If you believe that it will, you're playing with fire.
If the 786 is defeated, the next downside support lies around $124. Below that, my long awaited, heavily criticized, precisely calculated downside target will be next. The upside is filled with overhead resistance, and the support below is minimal at best. The path of least resistance remains to the downside.
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-
If the 786 is defeated, the next downside support lies around $124. Below that, my long awaited, heavily criticized, precisely calculated downside target will be next. The upside is filled with overhead resistance, and the support below is minimal at best. The path of least resistance remains to the downside.
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-