MagicPoopCannon

Beware! Litecoin Just Signaled More Downside! (LTC)

BITSTAMP:LTCUSD   萊特幣 / 美元
Hi friends! In an attempt to give my lovely viewers a heads up on the potential dangers in this market, I would like to share this gloomy analysis with you. Let's look at Litecoin! As we can see on the four hour chart, LTC has rallied significantly off of yesterday's low. However, it was unable to maintain a breakout above the "critical resistance" level, and has since fallen back below. If you remember on my last LTC post, I told you that if Litecoin rallied up to the critical level, tested it and failed, that would be an very negative sign. Unfortunately, that appears to be exactly what is happening. Some of you may be wondering why this is such a negative development. Well allow me to clarify. As you can see on the chart, a low was made on December 30th, which was right on the 61.8% retracement level. That essentially became the floor in the market. On January 16th, we broke through the floor (which was once support) and now we've rallied back up to test it (confirming it as new resistance.) In technical analysis , this is called "confirmation." It is the cornerstone of exceptional chart reading. I believe in the power of confirmation so much, that I generally reject Elliot Wave theory, because it lacks confirmation. However, I do believe that markets are fractal , which is why I rely on Fibonacci sequences in my analyses. Anyway, I digress. Looking at the chart, we can see that LTC remains inside of the falling parallel channel , which increases the likelihood of further downside. Technically, LTC is trapped between some important support and resistance levels. Namely, the critical resistance level and the pink trendline . If LTC breaks that pink trendline , selling pressure should accelerate, potentially sending LTC below yesterday's low. If LTC breaks above the critical resistance, it will have to immediately contend with the 50 EMA (in orange,) the 200 EMA (in purple,) and then the 50% retrace, at about $233. Since there is more overhead resistance than support underneath, the path of least resistance is still down.

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-

-JD-
I've been making some small trades based on MPC analysis and thus far its been working nicely. Yesterday I sold at $203 now waiting to reload lower.
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fucked up my entire portfolio because of the call for LTC at 110 (entirely my responsibility for my actions). really hope we see another dip
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anyone else noticing bitcoin going up? It’s been going up ever since this news came out: https://cointelegraph.com/news/morgan-stanley-now-clearing-bitcoin-futures-for-clients-helping-institutions-gain-exposure
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waiting patiently to pull the trigger...
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Awesome, maybe its chance to load more babies LTC
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Clear, precise and sound reasoning. Your daily ideas have been a huge help and quite educational. Thanks!
+5 回覆
Also, tracing back to 100 would make sense as that's the high from the last time LTC had a big correction (from $100 to $35 or so).
+1 回覆
afreet77 RexItUp
@RexItUp, it was China ban,you think ot could fall that hard again?
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Isn't basically everything tanking in unison with this same fractal right now?
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grimzeo RexItUp
@RexItUp, I was wondering if this is just all related to BTC, they all seem to follow the king when hes falling and when rising who knows whats going to happen.
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