While Bulls Call The Moon, Litecoin Flies A Big Bear Flag (LTC)

Welcome friends, foes, animals, aliens, my family of crypto lovers, to this update analysis on Litecoin! Let's get it! Looking at the four hour chart, you can see that the current bear flag has produced a breakout to the upside. However, this upside breakout appears to have found resistance at the 50 EMA (in orange) again, and price is reversing back toward the flag. If LTC makes it's way back into the extended bear flag body, that would be a failed upside breakout of the bear flag, increasing the odds of a breakdown. On the other hand, if support is found at the top of the flag, and price does not reenter the body, that would actually be a bullish confirmation of support. So, pay close attention to what happens here. Litecoin is very weak, but the most likely scenario, is that the sellers are just letting the market consolidate. Right about now, an increasing amount of people are starting to get bullish on crypto — speculating that the bottom is in. I don't buy that for one second. Don't lose sight of the technical destruction that has been done to this market. Before I go bullish, it has a lot of proving to do. At a minimum, I need to see Litecoin get above the triangle that it just broke down from, or print some majorly bullish formations on the chart. Until that happens, I'm taking sell-side trades only. The trend is my friend, and the trend is down, down, down. In general, I view this drawn out sideways consolidation as more of a huge bear flag than anything. To illustrate this, I have drawn a big pink bear flag over the current price action. It does have an extended flag body, but it is still a bearish consolidation. Even if LTC rallied up to the 130 area, it would only be retesting the top of the bear flag. So, in general, I do believe that this is still very bearish price action. In case you were wondering, the fractal pattern still remains, but I wanted to remove it to cover the alternate view, which is a large bear flat. Good luck trading everyone.

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-

-JD-

評論:

Despite today's rally, LTC is still in a bear flag.