MagicPoopCannon

Crypto Obituary! If $200 Falls — Bye Bye Litecoin! (LTC)

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Hi friends! As you know, I've been calling for $200 Litecoin for weeks now, and here we are. Litcoin is currently pushing down onto the critical support, and as I've warned, if we get a sustained break below that, prices could begin to plummet. You can see that we're new back inside of the downtrend channel , so the bottom of the channel could be supportive if LTC gets down there. On the other hand, if the critical support level is lost, I think some panic selling could ensue. As we discussed in my last LTC post, there isn't much support between $200 and about $153. The only identifiable support, is at the bottom of the falling channel , and the red trendline that extends from the low on December 22nd. The bulls must hold the critical support level at $200. It was already violently pierced a few hours ago. If $200 is lost, look out below!

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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
You probably don't know what is bitcoin future
tomorrow is the first day after that 14/02/2018 and 14/03/2018, you will see the same crash on 13/02/2018 and 13/03/2018 remember these two dates
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skyzacrypto mvc64200
@mvc64200, some hours ago the support level broke and LTC fell to 150 briefly but hovered at 170 and it was fast indeed. Also, I read that now that the first bitcoin futures have expired, we could see a price rise again?
+1 Reply
jerrebarre skyzacrypto
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mvc64200 skyzacrypto
@skyzacrypto, Yes until next market manipulation you'll see price rise up but check for next dates 13/02 and 13/03 on those dates we'll have another crash (market manipulation) like this
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Do you mind me asking how you arrived at that specific point for the head and shoulders target? From looking at your chart my understanding is that it is coming from the 1.0 line from your Fibonacci retracement which is pulled down from the highest point in the uptrend down to the point where the green candle breaks a resistance point and closes above it, am I interpreting your analysis correctly? Great work again, thanks.
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@dpmc21, Don't read too much into that target. It is there as an estimation, derived from a measurement of the highest point of the head to the neckline of the pattern. You then take that measurement, and apply it to the breakdown point of the neckline. I found that, based on the size of the structure, a corrective move to the $105 area is possible. It's not a certainty, it's just a possibility. -MPC-
+1 Reply
dpmc21 MagicPoopCannon
@MagicPoopCannon, Thanks for explaining that. I try not to use the support/resistance lines as an exact science but more a good guide to work from along with other confirmations to estimate where it may go. I am still learning patterns like the head and shoulders so I wasn't 100% how you had arrived at that point. I now understand it and your explanation has improved my knowledge a bit further, many thanks.
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An interesting chart I saw from a few weeks back showed the fact that the first three weeks of Bitcoin/crypto in January are overwhelmingly bearish. While I agree that we have a continued downtrend here, I disagree with the sentiment of "bye bye Litecoin". We're ultimately experiencing the correction of the coins we so desperately need, that way we can comfortably hit an ATH. Litecoin, as well as every other major crypto. Have plenty of good news for them in the future, and seeing as they're in their mainstream infancy, the growth is just beginning IMO.
+3 Reply
MagicPoopCannon NickPadovani
@NickPadovani, Thanks for commenting! Just to be clear, I’m not saying LTC is done for. I’m just saying that some major selling may be just around the corner. Personally, I’m a long term believer of crypto, so I buy on big dips. People are starting to freak out, because global banking organizations are calling for heavy regulation on cryptos, and some countries are banning them entirely. In my opinion, this is an inevitable hurdle for crypto, because it threatens the existence of the entire global banking industry. Obviously, they’re going to try to shut it down. You can’t threaten a $150 trillion dollar industry, without expecting a fight. -MPC-
+1 Reply
NickPadovani MagicPoopCannon
@MagicPoopCannon, Cool, I totally agree man. I thought that your analysis and heading was ultimately indicating the coffin of LTC haha. I'm looking at it as a big old sale :)
+1 Reply
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