Hi friends! Litecoin has done everything that we needed, to confirm a reversal. It is now in a confirmed breakout. Initial resistance will be at the bottom of the 38.2% retracement level, at $266.40. Looking at the chart, we can see the LTC has broken out of the downtrend channel, broken out above the 50 EMA, and broken out above the previous high, to make a higher high. This is what I wanted to see, before getting bullish. A break back below the previous high would be a sign of weakness, and a cause for concern. This has been your friendly market legend — MPC! Please follow, comment, like, and share on social media.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Komen
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Update: Litecoin has rallied all the way up through the 38.2% retracement level, to a high of $270.00, before falling back toward the "previous high." It is currently testing that level, at $253.00. Ideally, the bulls want to see LTC turn higher, and confirm the "previous high" level as new support. That would be a bullish sign, for short-term trading. I will keep you posted.
Komen
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Update: After breaking out, Litecoin has attempted to define the "previous high" of $253.00 as new support, but has fallen back below it, and is now trading at $248.00. This is concerning weakness, that could be indicative of a failed breakout attempt. I will keep you posted as this develops.
Thanks for the updates for sure. All of the sector took a dump at the same time so I'm assuming there was some piece of news released but I haven't found it yet.
LeopoldtheRed
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In theory, is it general knowledge to buy on a breakout for any stock?
MagicPoopCannon
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@LeopoldtheRed, Thank you for commenting. It is not advisable to buy any breakout on any asset, because breakouts often fail. If you look at my most recent post on Ripple, for example, you can see that it too has broken our of a parallel channel, but it is failing to move higher at the moment. A breakout is a small piece of an overall technical picture. You must look at many indicators to come to your conclusion, and never trade off of only one. Also, never be emotionally attached to any investment or trade. We are here to make money. If something isn't working, cut your losses, and move on to the next trade. I hope this helps. Please don't forget to share, and spread the word! =D
ecapati
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it broke out.... then got shot! :)
YoYoG
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keep it long term you will see the ATH 400 again no doubt. :)
IzumiWu
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Of course LTC is gonna X3 this year, 600$ is of course an honest price.
leomotta
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lol
RafiMohammed
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Thanks for the effort that you put in updating, what do you think of LTC in the long term? I also intend to add some more to my position soon and look forward for your updates.
jmgardner
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keep it up LTC!!!
jmgardner
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MPC, thanks for the the great TAs and the constant updates !