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 continued to find resistance at the top of this big weird bear flag that I've been covering. With that said, the price action inside of the flag body could potentially be bullish. A case can be made for an inverse head and shoulders or a cup and handle, but the overall formation still appears to be a bearish consolidation. In fact, if we were to look at the daily chart, the price action resembles a bear flag even more, and usually the larger formation will trump smaller formations inside.
As you can see, LTC is attempting to catch some support right here, as it tests the 20 and 50 EMAs. So, I think the best thing to do, if you aren't already trading LTC, is to wait for a breakout above the top of the flag, or below the bottom of it. If you wanted to be more aggressive, you could also short a confirmed breakdown below the 50 EMA, as that would likely put the bottom of the flag in play, at around 110. If price holds support here on the MAs, we could easily see another retest of the top of the flag. So, I would be cautious right now, because there are some conflicting indications. The name of the game is to wait for proper setups — not to be involved in every movement of the market.
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-
As you can see, LTC is attempting to catch some support right here, as it tests the 20 and 50 EMAs. So, I think the best thing to do, if you aren't already trading LTC, is to wait for a breakout above the top of the flag, or below the bottom of it. If you wanted to be more aggressive, you could also short a confirmed breakdown below the 50 EMA, as that would likely put the bottom of the flag in play, at around 110. If price holds support here on the MAs, we could easily see another retest of the top of the flag. So, I would be cautious right now, because there are some conflicting indications. The name of the game is to wait for proper setups — not to be involved in every movement of the market.
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-