Now, let's take a look at Litecoin! Looking at the four hour chart, we can see that Litecoin has rallied significantly off of Wednesday's low, but don't get too excited just yet. LTC tried to rally above the "critical resistance" level, and periodically broke above, only to quickly reverse back to the downside. On the chart, we can see that LTC is also failing to get above the top of the (grey dots.) Thus far, LTC has produced two failed attempts to break above. Looking at the , we can see that it has dropped significantly, indicating exhaustion in the bulls. Additionally, the looks like it wants to level out.
I'm sure you've all noticed, that I've drawn a big over the recent price action (black flag.) I've noticed several other bear flags, in BTC , ETH, and many other cryptos, but some of the flags are not that easy to distinguish. However, most cryptos are currently trading in synchrony, so they're producing similar patterns on the charts. Looking at LTC, it appears as though the may already be breaking to the downside. It isn't an extremely clear pattern, but I believe it is a nonetheless. As I was doing this analysis, I noticed something profoundly interesting. If you recall from my older LTC charts, when the all time high was made, and it formed that big pattern (top left,) my analysis showed that LTC could eventually fall to about $106. When I saw that, I put a "head and shoulders target" of $105.94 on my chart. Immediately, I was inundated with hateful responses from people who were telling me that I was an idiot, and that didn't apply to crypto charts. Today, looking at this potential pattern, we can see that it's price target aligns perfectly with the price target of the pattern. Incredible! Suddenly, $106 doesn't seem so unrealistic. can often come together in the most beautiful ways — i believe, because markets are in nature. I'm not saying for sure that we will get down there. I'm just saying that based on the structures formed on this chart, that is the likely target area. On the downside, initial support rests at the pink . Below tat, there support levels are sparse and relatively insignificant. On the upside, there is major overhead resistance. We have the critical level (red dots,) the top of the falling (grey dots,) the 50 (in orange,) the level, and the 200 (in purple.) Clearly, the path of least resistance is to the downside. That isn't to say that it's impossible for LTC to rally higher from here. I'm just presenting solid evidence, to show that a continuation higher is very unlikely.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
Can I even type today? =D
What you should of done is HODL... and find some extra cash and buy the dip. When everything gets back to the 250-300 range you sell off the coins you purchased at a higher rate then the dip.