LITECOIN Will Fork Tomorrow — Here's What The Chart Says (LTC)

Hi friends! Welcome to this update analysis on Litecoin. Let's jump right in. looking at the four hour chart, you can see that I've changed the flag portion of the bull flag . The way that I had it drawn yesterday, produced a breakout, but the breakout rolled over just above the Inv . H&S Target. That rollover is not what you want to see on a breakout. Now, we have to assume that the flag has morphed into a different structure, which is now shown on the chart. The 20 EMA (in blue) is rising into the flag, so it could be the support that ultimately causes a breakout. If LTC starts to break below the 20 EMA , that would be a yellow caution flag. For educational purposes only, if it breaks below the bottom of the bull flag , that would be an obvious short term sell signal. The MACD is rolling over slightly, in conjunction with the price action. For now, keep a close eye on the action inside of the bull flag , to determine where we go from here. On the upside, initial resistance should be found at the top of the uptrend channel (in pink.) Keep in mind that the hard fork is supposed to occur tomorrow, on the 1,371,111th block, at approximately 20:56:44 ( UTC ). We may not see a move out of the flag, up or down, until then. According to the big bull flag on the chart, we are likely to get a breakout to the upside. However, we should never place trades until we see evidence of a breakout.

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-

Hard folk news is fake!
MagicPoopCannon quang.nguyen.hut
@quang.nguyen.hut, That's funny, because LTC just forked, on the 1,371,111th block, and formed Litecoin Cash, which launched at a price of $1.42.
Hey guys, i really new to this stuff and am currently in the early learning stages, would someone be able to explain to me what a "fork" means? Cheers in advance.
@Hayesy, google it, prolly much easier.
@Hayesy, It's basically when a blockchain forks in two, producing a new and different protocol. In this case, that new protocol is Litecoin Cash. You can think of it as a cryptocurrency splitting in two. The technical details of how this works can be found on google.

Hayesy MagicPoopCannon
@MagicPoopCannon, awesome! thanks for the reply. Big fan, absolutely love your shit too btw! Keep it up!
The 4hr has not only formed a cup and handle but mimicked itself identically before the last pop will we see another ?
LTC was extremely undervalued to beginning with don't think the fork is the catalyst here but rather the only coin of the top five actively making moves towards adoption on a regular basis .. the protential of a legitimate fork of BTC holding up against everyday usage is what is driving the price .. adoption is closer then we think and LTC is leading the way... i wouldn't be surprised to see a flip with BCHs market cap before end of year
+9 回覆
I'm feeling like we need to see some action around the 250-260 range, would you agree?
+4 回覆
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