MagicPoopCannon

Litecoin Clears All Resistance! Here's What's Next! (LTC)

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Look at LITECOIN! It has broken out above the 50 EMA (in orange,) completed the right shoulder of the inverted head and shoulders pattern, broken out above the falling trendline resistance (in blue,) and it is now trading above the neckline of the inverted head and shoulders pattern, which is a technical breakout. Additionally, it's doing all of that on above average volume . Litecoin has literally taken out all of the immediate major resistance. My only concern, is that it has made this move contrary to BTC .

LTC has lead BTC many times in the past, and we are seeing some nice moves from other coins in the market. However, We're going to need to see BTC follow suit in the near future. With that said, if LTC can close today's candle above the neckline (in green,) and hold it as support, we are likely to see a swift rise to the "major overhead resistance zone ," around 47-49.

We know that Bitcoin is forming what appears to be an inverted head and shoulders pattern. This move in Litecoin, is showing us that the market wants to break out to the upside. It is a clue that increases the likelihood that BTC will complete it's inverse head and shoulders pattern.

Ps. Litecoin is the right coin! =D

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-
going down now
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Update please
+2 Reply
LONG $4600
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r u sure that your trend line is correct? :/
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Nice review, keep up the good work. Here's an alternative on H4, upside likely very limited now.
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Hey Magic, what do you think of this possible scenario?
+8 Reply
Doublepost.
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@tommix, you are a tool
+4 Reply
It's all here ;)

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