WOW, WOW, WOW! Look at the breakout on LITECOIN! Welcome friends, to this update analysis. Looking at the four hour chart, I'm suddenly very pleased that I'm long. =D Litecoin has blasted above all of the major overhead resistance, in the explosive move higher that I have been recently projecting. Amazingly, you can see that the breakout occurred right at the end of my proposed right shoulder. The breakout has propelled LTC above the neckline resistance, above the 200 EMA
(in purple,) above the pink resistance line, and, most importantly, above the downtrend channel! You can see that the candle is beginning to pull back, forming a wick at the top. The volume
is tremendous, and the MACD
has rapidly kicked to the upside. In comparison to BTC
, this is is a leading move. BTC
is still currently trading below the neckline of it's inverse head and shoulders
pattern, and has yet to break out. The important thing to watch for now, is whether or not LTC can close above these resistance levels. Particularly, we want to see LTC close above the blue downtrend channel
, and the pink trendline
. A close above those two, will be very bullish
for LTC. You can see that we are moving in the right direction, toward the inverse H&S
target. I originally gave you that target on February 6th
. That was over 25% ago. Just sayin'. However, before we get too excited, we need to see a close above. Looking at the chart, you can see that the next major resistance level
is up around the 61.8% retrace. Above that, we have a relatively clear shot up to the target. For now, let's see where this bad boy closes.
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-