MagicPoopCannon

Litecoin Could Be Near An Absolute Bottom! Here's Why!

POLONIEX:LTCUSD   Litecoin / U.S. Dollar
Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the weekly chart, we can see that there are a lot of really interesting things going on with LTC right now. Some of them are good, and others are not so good.

First, I would like to draw your attention to the large POTENTIAL uptrend channel in blue. Now, I know that it isn't the best looking channel by any means, but just hear me out. Normally, I don't like to draw trendlines through a lot of price action. However, I was doing some experimental analysis here, and I thought I would share it with you lovely LTC lovers. The top trendline of this channel is really clear. There are two points of contact that produce a clear trendline . The bottom side of this formation is not so clear cut. While I can draw a trendline on the exact lows of the price action, I've found something that could be a bit more interesting.

So, if you look at how I have drawn this bottom trendline , you can see that there were an incredible number of reactions to it. The first touch was a pierce, that ended up holding. Then, wer can see price later fell below it, and pushed into this potential trendline exactly, before popping above it, then price returned to it and held it exactly as strong support, rallying 512%. From there, price drifted inside of the Gaussian Channel and then in April of 2016, price reacted to this level exactly once again, going on a 112% rally. From there, price eventually fell back down below this trendline , and in August of 2016, price pushed into it again, and then printed a major test of this trendline in January of 2017. Finally, in March of 2017, price was able to explode above this trendline , or — back into this proposed channel. About a year and a half later, we see a perfect hold of this level in December of 2018, when LTC made it's bear market low. Now, price is falling back toward this trendline again. So, I am very interested to see if we get some type of reaction to this level. If we fell to it today, it would be around 41.50 or so. However, this is an upward sloping trendline , so its location value on the chart will rise over time.

The point is, LTC could be in a very large uptrend channel , but it just battled with the lower trendline in the early days of this formation. It's just something that I thought was interesting, and if price reacts to it in the future, that will be even more interesting. One other thing I would like to point out about the proposed channel, is that the way that I have drawn the bottom trendline is exactly parallel to the top. So, that adds weight to the suggestion that it could be the bottom of a channel.

Moving on, we can see that the Gaussian Channel has turned green and is rising again. This suggests that the bear market was in fact completed in December of 2018, and that while LTC could fall lower, it is simply a part of a healthy market correction. You can see what happened the last time the Gaussian Channel turned from red to green. If history is any indication, big things may not be far on the horizon.

Looking at the immediate price action, you can see that the current price is just below the 200 week MA (in purple.) So, if LTC can't recover above that level, it could produce some downward price movement. However, the bottom of the Gaussian Channel is in the 45.00 range, and the bottom of this proposed channel is just below that.

One other thing I would like to mention, is that the last peak, which occurred in June, happened exactly at the 61.8% retrace for the whole price range of LTC's entire existence. It's interesting (and not very positive) to see that level acting as resistance. However, any future breakouts above that 160.00 level could produce an explosion higher. For now, LTC is looking pretty attractive. It will look even more attractive, if I see a hold on the bottom of this large proposed uptrend channel .

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.***

-JD-
does ltc has a bottom?
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finally someone with some big brains is here
+1 Reply
Chicken coin will go back to $1.00
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LTC seems to behave sometimes like btc on speed . thanks for the very good info, seriously your probably one of the best on here
+1 Reply
Stop buying junk coins. If Bitcoin is going much lower, so is everything in the crypto space.

My advice for you new traders (people looking to make money), shift your focus to stocks - stock options are so much more profitable and better for new traders. The risk-reward is better. You have fundamentals. Technicals are more predictable.

Here's my last 3 day trade (BA Puts). I returned 150%. I posted last week when I got and today when I got out.

Litcoin? Don't even bother folks.

Welcome to follow along: https://twitter.com/khokhar_ahmad/status/1186305904238567427?s=20
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Snuby3 Akhokhar86
@Akhokhar86, I'm up 800% since the beginning of the year trading ltc
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Snuby3 Snuby3
@Snuby3, I moved my profit to link and now things are getting stupid. I'm becoming a bazillionaire lol
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@Snuby3, Congrats! Repeat it.

I made that in 5-6 trades in the past 2 months. All public on my twitter page. ;-)

LTC is going to re-test the lows. Take that profit.
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tearliner Akhokhar86
@Akhokhar86, you sound like you are 100% sure ltc will re test the lows i can bet u 100$ that it wont test the previous lows.
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Akhokhar86 tearliner
@tearliner, I'm not sure, but I'll bet you 1 Bitcoin, the price on 10/21/19. Will take nothing less.
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