Mirror Mirror On The Wall — Will (LTC) Rise or Fall? LITECOIN!

Hi friends! Let's take a look at Litecoin! Looking at the four hour chart, we can see that Litecoin is making an attempt to put in a bottom, as it rallies off of today's lows. Notice how LTC is approaching the ever important "Critical Support" (which is now overhead resistance) level, at $200. What happens here, is most likely going to determine whether LTC has bottomed or not. If LTC can have a sustained breakout above the $200 level, that would be a nice indication of further upside potential. However, (and this is very important) a failure at $200, will be a sign that we have only rallied back up to define that "critical" level as newly confirmed overhead resistance. LTC is testing $200 as we speak. If it fails to break above, things could get really ugly. On the downside, LTC could find support at the pink trendline or the 78.6% retracement level. If LTC manages to break above $200, there are several other resistance levels that it would have to immediately contend with. You have the top of the bear flag , the top of the falling parallel channel , the 50 EMA (in orange,) the 200 EMA (in purple,) and the 50% retrace. In other words, going higher is now much more difficult than going lower. So until LTC breaks above some of those overhead resistance levels, the bias is still to the downside. I'll keep you posted, as things unfold.

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. I'm out!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

評論: Update: Litecoin is now above the critical resistance level. Now, we will need to watch to see if it holds. -Magic-
Looks like BTC and LTC giving in to Resistance
+1 回覆
@severett99, cashed out 8% just in case to buy the next dip if it happens :D
severett99 jamesaphoenix
@jamesaphoenix, big support at 10900. Look at buy orders pending on Bitfinex
+1 回覆
severett99 severett99
@severett99, meaning support for BTC = support for LTC
Any update? Does it look like LTC holding $200 support level now and we can assume the coin will go up?
CryptoCunt apribytkovsky
@apribytkovsky, possible bearish pennant there?? i think down more likely in the down trend line
@MagicPoopCannon Another great analysis! Thanks Mr. Poop. Also do you think the recent update news from Charlie Lee (via Twitter) will play a role in the current trend holding around $200?
Bull trap in progress? Anyone have any thoughts on this?
RexItUp meresinclair
@meresinclair, I mean. there's zero sell pressure and big walls are getting chewed up across BTC, ETH, LTC. Looks bad for the bears.
@RexItUp, Yeah I'm liking it...just don't know if I can trust it
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