I wake up this morning and what do I see, Litecoin has EXPLODED above the resistance just as I had anticipated! BEAUTIFUL! ABSOLUTELY BEAUTIFUL! Welcome friends, to this update analysis on Litecoin! Let's get it!
Looking at the daily chart, you can see that LTC has printed a massive breakout to the upside, completely destroying the resistance of the falling pink trendline. LTC is currently up 13.22%, with room for a lot more. Looking at the chart, you can see that I've adjusted the uptrend channel, to a larger uptrend channel that I've been watching for several days now. I'm publishing this channel, because the channel that we broke out of and held support on (last analysis) is now irrelevant. I believe that LTC is now in this larger uptrend channel, and we should eventually test the top side of it in the near future.
However, there is some upside resistance in the way. Namely, we have the midline of the channel (blue dashed trendline) which has clearly acted as resistance in the past. ALso, we have the 100 area. You can see that there was a lot of selling there, by observing the tall wicks on the candles in that region. Nevertheless, I do believe that the overall chart is looking incredibly strong. Today's breakout only confirms that money is stating to flow into the alts, which nobody was paying attention to. Speaking of money coming in, you can see that the money flow (bottom indicator) has been rising explosively, with more room available on the upside. So yeah, I'm loving Litecoin right now. I was fortunate enough to spot an amazing entry, and I'm very happy about that. Good luck to you all!
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-
Looking at the daily chart, you can see that LTC has printed a massive breakout to the upside, completely destroying the resistance of the falling pink trendline. LTC is currently up 13.22%, with room for a lot more. Looking at the chart, you can see that I've adjusted the uptrend channel, to a larger uptrend channel that I've been watching for several days now. I'm publishing this channel, because the channel that we broke out of and held support on (last analysis) is now irrelevant. I believe that LTC is now in this larger uptrend channel, and we should eventually test the top side of it in the near future.
However, there is some upside resistance in the way. Namely, we have the midline of the channel (blue dashed trendline) which has clearly acted as resistance in the past. ALso, we have the 100 area. You can see that there was a lot of selling there, by observing the tall wicks on the candles in that region. Nevertheless, I do believe that the overall chart is looking incredibly strong. Today's breakout only confirms that money is stating to flow into the alts, which nobody was paying attention to. Speaking of money coming in, you can see that the money flow (bottom indicator) has been rising explosively, with more room available on the upside. So yeah, I'm loving Litecoin right now. I was fortunate enough to spot an amazing entry, and I'm very happy about that. Good luck to you all!
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-