Hi friends! Welcome to this simple, yet informative, long-term analysis of Litecoin! Let's get right to it! Looking at the weekly LTC chart, we can see that since the all time high, a very similar pattern has developed compared to the early stages of LTC. Beginning at the left side of the chart, you can see that LTC started at a high (1) then fell to a low (2) then rallied above the 50 week MA (in orange) (3) then continued on to make a high (4) then fell back down to the 50 week MA (5.)
When we compare that to what has happened since the ATH, we can see that it is nearly identical. LTC started at a high (1) entered a bear market to a bottom (2) rallied past the 50 week MA (3) continued to a high (4) then fell back to the 50 week MA (5.) If this pattern continues to hold, we should see LTC move slightly higher to sideways, as it continues to hold the 50 week MA before eventually launching to a new all time high.
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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.***
@mezase, great contribution to the discussion mate, really helpful
mezase
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@ilyoeshin, Did you even look at that chart? I usually like his posts but this one is just for lols
jbutler7
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@mezase, Really? I posted a very similar chart (a bit more in depth) a few months ago between his 2 and 3 listed on the chart. It's not rocket science what is about to happen.
@mezase, I kind of agree with you. I generally enjoy this author's analysis but this anlaysis is pulled out of his ass (poop post). There's few similarities between the two patterns... Irony is, probably he is right about LTC making a bottom right here right now and a new bull market is probably starting but it's certainly not for the reason the author is suggesting.
AIMORAN
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you have too much bullish mood and this is extremely alarming!
MagicPoopCannon
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@AIMORAN, Is it alarming because I'm right 90% of the time?
paradox50
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@MagicPoopCannon, It is alarming because you're wrong 90% of the time