Litecoin Gets Slapped At The Top of My Flag (LTC)

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
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-

As I'm writing this it's Wednesday April 18th at 10:45 EST. Anyone else noticing the cup and handle, forming on the 4 hour chart? If it's valid looking at a 150$ upside target. Which, puts us right at the topside resistance level from the descending triangle.

i have it trapped between these two long term trend lines
Snuby3 Snuby3
Then it proceeds to break out right after XD.
Really though MPC, I appreciate you and your honesty with the charts. You tell it like you see it (maybe at times trying to sway the market with your high follower count.... who wouldn't), you're objective, educational, and you don't predict! You actually state your reasoning then give SIGNALS! You're two-sided, meaning you don't claim to know, but give signals to watch out for and act on. Most people like the queen or Marius don't have a clue what that even means XD
+4 Reply
jbutler7 jbutler7
@jbutler7, Too many people just read the titles and comments, but miss what you're actually trying to say. So if you want less haters, reconsider your chart headlines' implications :D
+3 Reply
this is the same guy calling $50 LTC for weeks now........ I've said this before, do exactly opposite of his calls and you can make money
+10 Reply
@yoonnayy, so easy to say that, you wouls still be going long btc at 19.000-20.000...
+1 Reply
yoonnayy TheDudeForex
@TheDudeForex, nope. I've been long since $110 while this guys been calling $50 for many weeks.
+1 Reply
@yoonnayy, I'm speaking about all his calls, if you did the opposite you would have bought around the ATH also.
+1 Reply
You lost your magic touch recently. I was a big believer but your predictions are off by a lot recently. The moment you suggested ETH goes to close zero you lost me.
+13 Reply
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