MagicPoopCannon

The Power of Expert Analysis! Litecoin! =D

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Litecoin has taken a dramatic fall, along with many other assets in the crypto space. To illustrate the power of accurate technical analysis , and how it can make you enormous sums of money, I've highlighted where I posted my first warning about Litecoin, and how far LTC actually fell. The charts usually tell us everything we need to know. The question is, can you read it? I can! So please stick with me, if you want accurate information.

Now on to the chart! We can see that LTC fell all the way down to the 200 EMA (in purple,) and has since had a nice big rally off of that level. The long wick on the bottom of the selloff candle, shows heavy accumulation from the buyers, and at the moment, litecoin has pushed a bit higher. It's trying to get back above the 50 EMA (in orange,) but has not been successful yet. The bulls need to get back above the 50 EMA , and start heading higher, in order to gain momentum. The MACD is trying to flatten out, but the sellers still have control of the momentum. If LTC fails to get back above the 50 EMA , we could see another wave of selling. LTC is trying to determine direction at the moment, so I will keep you posted.

There is a lot of volitility in the crypto space right now. Be nimble. Have a price target. Have an exit strategy, and let the MagicPoopCannon educate you on market dynamics!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
Nice analysis, thanks.
+1 Reply
Don't you think that Coin Market Cap's botch of the day caused panic selling and then triggered a ton of stop losses which then caused that long wick to form? IF that is the cause should the long wick be ignored? -Only asking I'm a newb with charts.
Reply
@shri2222, my original Litecoin warning came aabout 36 hours before Litecoin fell. Regardless of anything that happened on coinmarketcap, or any of today’s news, the chart showed that weakness was developing. I think that the majority of today’s selloff was technically driven, and primarily controlled by institutional investors.
+3 Reply
If it stays right around 241-257 through tonight, what do you suppose the implications are? New to trading here and finding difficulty in reading MACD cross signals.
Reply
Waiting
Reply
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