Is Coinbase playing us? I tried to execute several buy orders in Litecoin today, right when it was hitting the 78.6% retracement level. However, all of my orders were strangely rejected. I tried multiple methods of payment, and at first I received confirmations of the trades. Then, when I checked back later, I saw that the transactions were completely gone. At this point, I was immediately reminded of a YouTube vid, where an individual in the video was describing the exact same issue. I just thought it was weird, and it makes me slightly concerned about the solvency of Coinbase. By definition, a Ponzi scheme is "a form of fraud in which belief in the success of a nonexistent enterprise, is fostered by the payment of quick returns to the first investors, from money invested by later investors." With that in mind, it is possible that Coinbase can't execute certain transactions, because they have some sort of insolvency issue going on behind the scenes. Additionally, there have been several occasions where Coinbase has completely restricted trading, withdraws, and the transfer of funds. Their common excuse, is that their systems can't keep up with the intensifying demand, but I'm not so sure that I buy that anymore. I just thought I would share that info.
Now, let's look at Litecoin! As you all know, I have been screaming from the mountaintops, that if the $200 level was lost, we would see accelerated selling. Looking at the chart, you can see that LTC formed a bear flag (black flag,) broke down, and sent prices screaming down to my $150 target at the 78.6% retrace. As expected, the buyers stepped in and launched LTC higher, closing a strong looking hammer candle back inside of the bear flag. However, it still hasn't broken above the critical support level. So, don't get too excited just yet. We may simply be confirming the "critical support" level as new overhead resistance, and that would mean that this selloff is NOT over.
As you can see, the last two candles on the chart have unsuccessfully tried to get above the critical support/resistance level. If this continues, LTC will definitely turn back to the downside, to continue heading lower. Looking at the MACD, we can see that it's printing some heavy bearish momentum, so the sellers still have an edge. In fact, until the bulls get LTC back above the critical support level, the bears can easily, at any moment, force this weak market lower. On the downside, look for a breakdown from the bear flag, and continuation selling that sends LTC back to the $150 handle. Beyond that, prices could fall all the way to $127, and then $105. On the upside, the bulls have to get back above the critical support, and preferably back above the 50 EMA (in orange) and the 200 EMA (in purple,) which are forming a Death Cross, by-the-way. So, keep your eyes on the $200 level. If we can't break back above it, look for further downside.
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. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Now, let's look at Litecoin! As you all know, I have been screaming from the mountaintops, that if the $200 level was lost, we would see accelerated selling. Looking at the chart, you can see that LTC formed a bear flag (black flag,) broke down, and sent prices screaming down to my $150 target at the 78.6% retrace. As expected, the buyers stepped in and launched LTC higher, closing a strong looking hammer candle back inside of the bear flag. However, it still hasn't broken above the critical support level. So, don't get too excited just yet. We may simply be confirming the "critical support" level as new overhead resistance, and that would mean that this selloff is NOT over.
As you can see, the last two candles on the chart have unsuccessfully tried to get above the critical support/resistance level. If this continues, LTC will definitely turn back to the downside, to continue heading lower. Looking at the MACD, we can see that it's printing some heavy bearish momentum, so the sellers still have an edge. In fact, until the bulls get LTC back above the critical support level, the bears can easily, at any moment, force this weak market lower. On the downside, look for a breakdown from the bear flag, and continuation selling that sends LTC back to the $150 handle. Beyond that, prices could fall all the way to $127, and then $105. On the upside, the bulls have to get back above the critical support, and preferably back above the 50 EMA (in orange) and the 200 EMA (in purple,) which are forming a Death Cross, by-the-way. So, keep your eyes on the $200 level. If we can't break back above it, look for further downside.
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. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-