Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the four hour chart, you can see that LTC has produced a low, and is now moving higher. If you're one of my Twitter followers, or if you've looked at the last post, you know that I did go long on LTC this morning. I'm just looking for a quick trade up to the 1200 EMA (in red.) What I do from there, will depend on how LTC reacts to that level. I do think that it is likely to be resistive now, but we will have to wait and see. In fact, this price movement is very much in line with yesterdays analysis. I'm looking for the run back up to the 1200 EMA, just as I had previously identified. We ended up dropping a little further than I had originally anticipated, but the general movement is the same.
On the MACD, you can see that it is curling up to complete a bullish crossover. The crossover hasn't happened yet, but I decided not to wait. I bought as soon as I saw it starting to curl up, because the candles were producing consistent lower shadows. When we get to the 1200 EMA, I think that the most likely scenario is that it will provide resistance. However, if we confirm above it, that is another technical buy signal. Albeit, a buy signal that I personally wouldn't take, since the 50 EMA (in orange) is rapidly falling above it. Don't forget, the 50 EMA resistance (red arrows) is what tipped me off that this drop was coming. If we do get back to the 50 EMA, it's likely to be resistive again. As I write this, LTC is rallying toward the 1200 EMA. Let's see what happens. 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.***
-Magic loves you-
-JD-
On the MACD, you can see that it is curling up to complete a bullish crossover. The crossover hasn't happened yet, but I decided not to wait. I bought as soon as I saw it starting to curl up, because the candles were producing consistent lower shadows. When we get to the 1200 EMA, I think that the most likely scenario is that it will provide resistance. However, if we confirm above it, that is another technical buy signal. Albeit, a buy signal that I personally wouldn't take, since the 50 EMA (in orange) is rapidly falling above it. Don't forget, the 50 EMA resistance (red arrows) is what tipped me off that this drop was coming. If we do get back to the 50 EMA, it's likely to be resistive again. As I write this, LTC is rallying toward the 1200 EMA. Let's see what happens. 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.***
-Magic loves you-
-JD-
Comment:
At this point, I'm just going to sell at the 1200 and lock in my profits.