Hey guys! Welcome to this update on LTC.
We can see that Litecoin indeed did break down from the rather large bear flag that was printed and we talked about on my last post. As you can see, it has broken down into a smaller bear flag, which is just beginning to print itself on the chart. Amazingly, both of these bear flags have about the same full potential, increasing the likelihood of this target (131ish) being reached. I am still seeing overall bearishness on this chart and firmly believe the bears are still in control.
On the flip side, if we see a break to the top of the small bear flag, LTC will have to deal with the 200 day EMA, and the last few times LTC has met the 200 day EMA, it has been slapped right back down. If however, LTC can break above the top of the bear flag, and through the 200 day EMA, it will put the 50 day EMA as the next level to retest, and i will conclude this bear flag to be invalid.
We need to watch what happens over the next few days carefully. I am waiting on the sidelines still, waiting to make the right entry based on the outcome of this bearflag. Stay tuned!
We can see that Litecoin indeed did break down from the rather large bear flag that was printed and we talked about on my last post. As you can see, it has broken down into a smaller bear flag, which is just beginning to print itself on the chart. Amazingly, both of these bear flags have about the same full potential, increasing the likelihood of this target (131ish) being reached. I am still seeing overall bearishness on this chart and firmly believe the bears are still in control.
On the flip side, if we see a break to the top of the small bear flag, LTC will have to deal with the 200 day EMA, and the last few times LTC has met the 200 day EMA, it has been slapped right back down. If however, LTC can break above the top of the bear flag, and through the 200 day EMA, it will put the 50 day EMA as the next level to retest, and i will conclude this bear flag to be invalid.
We need to watch what happens over the next few days carefully. I am waiting on the sidelines still, waiting to make the right entry based on the outcome of this bearflag. Stay tuned!