Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the four hour chart, you can see that LTC had a big rally today, on the back of the move that originated in Bitcoin. However, LTC has run into the top of the bear flag, and it has reversed sharply. If you recall from yesterday's analysis, I said "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."
Today, LTC printed a high of 130.97, as it did exactly that, in a move higher to test the top of the bear flag. Now, while everyone is getting uber bullish, I keep telling people to calm down. A test of the top of the bear flag doesn't phase my bullish outlook, and if you follow the same analysis style as me, you shouldn't be phased either. Every time we see a rally, the mooners come out of the woodwork to announce that the bottom is in. Well, I have news for you. The last rally failed. The rally before that failed, and every rally since the high has rolled over. So, technically, this is still an enormously weak market, that had a rally to the upside. In the grand scheme of things, we're still in a big bear flag, that has printed just below the breakdown from a massive triangle pattern. Little rallies don't change that. The trend is your friend, and the current trend is still down! LTC didn't even take out the high from the 4th, or break above the bear flag. Instead, it did exactly what it should have done — test the top of the flag, and roll over. In fact, unless we see a breakout above the apex of the triangle, I am going to remain a seller of big rallies in this market. Do what you want. Say what you want. I know how this game works, and right now, I'm selling this market from the top of the flag, with a tight stop just above. That's a low risk trade, and if the market rallies out of the flag, the loss would be minimal.
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
⋅
LTC is trying hard to break out above the bear flag.
If I remember correctly, not long ago you predicted LTC to drop to $50, what happened to that?
smashfootball
⋅
MPC - this is what you wrote EXACTLY 6 DAYS AGO about ETH: So, there is a undeniably high level of consistent technical weakness here in ETH. Now that the black rising support level has been confirmed as resistance, the likelihood of trading above that level, in the near term, is relatively low. Therefore, look for a continuation to the downside. As long as we stay inside of this downtrend channel (in blue) I would expect ETH to just keep stair stepping it's way down through support levels. From here, those levels are 355, 277, and then 198.
ETH is now 492 and no MEA CULPA...should I also post what you wrote about BTC and it going down to 3000...if you are a master and legend with TA - why cannot you call a reversal that would have netted people $120+ per coin when ETH was in the $360's instead of what you wrote above???
panconpalta
⋅
@smashfootball, to be able to call a reversal, a man should be humble and not biased about the market.
TroyByrne
⋅
@smashfootball, Until Poop does his TA's without preconceived bias, he will never be the Master. The worst thing you could do in TA, it's how we know he does not trade his calls or is actually ever profitable. Most breakout opposite direction before slowly making it's way down to a level he picked out 6 months earlier and then claims it a success. ;)
darkmoon78
⋅
@smashfootball, Was about to say the very same thing. And he also did the same with BTC. Every piece of information from his last month that I took in consideration for my trades actually did harm. It happens, but its impossible to respect that low data quality while still seeing this auto-compliments and lack of awareness. It's just absurd. I don't trust his judgement anymore.
smashfootball
⋅
@darkmoon78, I did immense harm because of his hyperbole....sold eth at 399 thinking it was going into the 2's,..thought about buying back at 365 but saw his posts that is was in a huge bear channel....lost thousands because of that dudes posts. I will never listen to anything he has to say again. Everytime i took his advice I bought at top and sold at bottom. And if he harmed me and you, just imagine how many others he has harmed. This time, I will follow my own instincts. He called XRP going down to 30 cents...look where it is today....
darkmoon78
⋅
@smashfootball, Yes it was awful TA in ETH, BTC and XRP. I cant blame him for the harm actually. Everyone is responsible for his own trades, including the info you decide to consider. But I agree, his opinions and TA are not a good source of information. I don't trust his character. Seems to me is not aware of his mistakes, gets lost in his ego and doesn't recognize his bias. For now, I am no taking it in my decisions.
autoramajj
⋅
MPC was right
dtut
⋅
Quick question. You state you are selling at 130... When are you buying?? You've been mega bearish for a long time so why would you have any ltc to sell?
davidtrading50
⋅
@dtut, when you short you don't need to have anything. Borrow from the market place.