After all of the recent flip flopping around the moving averages, LTC looks like it's setting up for failure, in a way that is similar to the triangle breakdown that we saw earlier this month. As I've been saying, we've formed another quasi triangle formation (in pink) and we've broken down from it. Now, LTC is printing a bear flag consolidation under the moving averages, as the MACD drifts below the zero line under a bearish crossover. These are all sell signals. The breakdown from the triangle, the flip flopping failures at the moving averages, the bear flag, the bearish crossover on the MACD, and the fact that it has fallen below the zero line — all of these things say sell. However, since this thing has been all over the place, chopping sideways for the past week, it is very important to WAIT for the breakdown of this bear flag. Everything is starting to say sell, but we need to see a breakdown of the bear flag as confirmation of those signals.
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.***
Poo, you would find it amusing that just before I saw your email on this publication, I watched this: youtube.com/watch?v=_5g7U86GwCQ - "How will Litecoin get to +$1000" by a guy named Marius Landman. I don't follow him; someone sent me the link suggesting watching it. He uses "fractal" TA to make his case for LTC taking off any moment and heading to $1400+ in 40 days. Wonder what you'd say about his demo of LTC's chart? I can imagine it would be colorful.
ROdoubleB
⋅
@Dinky, Magic did mention in a previous LTC post that his end of the year number for LTC is ~$600.
YourFriendFrank
⋅
@Dinky, Can you send screenshot of his charts so magic can check maybe?
Dinky
⋅
@CryptoBlake, His illustration doesn't fit in one screen shot; it would take a bunch to show it. If you go to about the 7 min. mark, you'll see what he's done to that point and would then only have to spend up to about minute 16 to get his whole theory.
ChartmanChris
⋅
@Dinky, dude! learn to trade do NOT follow landman. he has been wrong for months! he´s a nice guy but it doesn't work
DevBugRebel1
⋅
@Dinky, Good morning, My friend from High school that has been into coins and mining since 2010 has made millions with BTC and Altcoins, he tells me don't worry man you will see 10k a litecoin by 2020. Even 5 coins will make a possible profit of 50k. He told me people by the masses will dump stocks and jump on board a investment that does not inflate. I know you don't me but he has helped me to make over 15k in 4 months on about 1600 dollars so I'm all in with his advise. Happy trading.
Chris
CryptoOmar
⋅
@DevBugRebel1, Are you posting this on every LTC chart? This has to be the 3rd time ive seen this today.