MagicPoopCannon

WARNING! The Litecoin Fractal Continues! Bitcoin Relevant! (LTC)

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Hi friends! If you recall my last LTC analysis, I showed you this epic fractal pattern that suggested we would see a rally to the top of the channel. Now, LTC has done just that. It hasn't physically made contact, but LTC has gotten close enough for the technical purposes of this analysis. As you can see, each fractal (red tags, then purple tags, then blue tags) has started at the top of the downtrend channel . Each one has also began with a linear fall directly to the bottom of the downtrend channel . So, we have rallied to the top of the channel as expected. Now, if we see a rejection at the top of the downtrend channel , there is a high probability that we will see a linear collapse to the bottom of the channel.

On the other hand, if price breaks out above the top of the downtrend channel , and confirms above it, that would be a deviation from the fractal pattern, and it would be a technical buy signal. However, I don't really expect to see that. I think there is a higher probability (given the overall weakness and the fractal pattern) that we will see a rejection at the top of the downtrend channel . Regardless, I will be a buyer if we break out, and a seller if we get rejected here. If Litecoin falls from here, obviously BTC should be falling as well. So, this fractal is technically derived from BTC , and relevant to the whole 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.***

-JD-

Comments

this will never Happen! Lol
+5 Reply
Yeah, Poop is right. Everything is going to do so damn low before this cycle is over, people are going to lose their minds. Me? I am going to be buying it all at the bottom. This entire cycle has been a gift from the crypto Gods. It's like jumping into a magic Delorean.
+4 Reply
@merola, everyone else will be buying as well
Reply
for some reason i think this will breakout above the channel to get people on the wrong side of the trade
+4 Reply
MagicPoopCannon BlockchainYahoo
@BlockchainYahoo, no matter if it does. The top of the channel is the line in the sand. Any confirmation above it and I will be long with a tight stop below.
+2 Reply
MagicPoopCannon MagicPoopCannon
@MagicPoopCannon, I'd much rather see a rejection though, and a devastating fall to the bottom of the channel, or at least double bottom in LTC.
+6 Reply
AurieK MagicPoopCannon
@MagicPoopCannon,yes sir...me too....
Reply
we will see... thank you
+4 Reply
Agree, check also Ethereum ;)

+3 Reply
Btc $1200?
+3 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out