MagicPoopCannon

Love, Happiness, Peace, Harmony, and Chainsaws — LITECOIN (LTC)

BITFINEX:LTCUSD   Litecoin / Dollar
Hi friends! Welcome to this update analysis on Litecoin! Let's get it. Looking at the four hour chart, you can see that LTC has been rejected at the high of the bull flag , and has fallen below the 50 EMA (in orange.) This is a bit concerning, but you can see that the 50 has been violated a lot in the recent trading action, so it isn't very surprising. The 200 EMA (in purple) is the critical support level that needs to be held. If we fall from here, and confirm below the 200, that would be a negative development. However, we can see that the 200 EMA is converging with the 61.8% retrace at the moment, so it is strengthening that level as support.

If you'll notice, we still remain inside of a technical bull flag . I have extended the flag outward, but you can see that the flag formation has not yet been breached, so it's technically still a flag formation . The pink dotted trendline , is a secondary low level of support, and LTC is testing it heavily right now. If this level is breached, look for the 200 EMA to act as support. With that said, we remain inside of a bull flag , inside of the right shoulder of a potential inverse head and shoulders pattern. So, the overall vision is still intact.

I want to draw your attention to the 50% retrace (in red.) You can see that it has been an extremely important level of support and resistance . Most recently, it has been purely resistive, as LTC has slammed into it on multiple occasions, without sustaining a breakout. If we have a confirmed breakout above that level, it will be HUGELY bullish . For now though, let's monitor this bull flag , and the development of the right shoulder. Keep in mind that the bull flag appears to be trying to break down, but it's still a bull flag until that actually happens. Stay on your toes, and keep a close eye on the 200 EMA and the 50% retrace. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.

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.***

-Magic loves you-

-JD-

potential h&s with target 160ish?
+2 Balas
I think MagicPoop has calculated the retrace figure incorrectly. The 50% retrace should be @ 238 and 61.8% retrace should be @ 207.

Not sure if anyone thought the same?
+2 Balas
Hi MPC, Litecoin sure is bleeding at this time, that LitePay clusterfudge of a launch sure did not good to the price. We are seeing some sideways movement at this time though, so let's hope we've reached the bottom for now, but it may still be to soon to call.

For those trading the Bitcoin pair, click here for my LTC / BTC analysis:

Balas
Ltc hates me poop.. I can never get this damn coin timed right.. its so fickle this crypto ho. Don't let her sink.. you need to chart her out of this scary place. Make her go up with your magic lines!! No more sad ltc.
+2 Balas
Snuby3 Spectra10101
@Spectra10101, it hates me too buddy. This last few days is driving me nuts. I'm about to walk away from the laptop for a month or two lol
+2 Balas
Hi everyone, quick update on LTC, it has broken the 50 EMA, the dotted trendline, and the flag, and it's now testing the 200 EMA. If the 200 EMA falls, the selling could get ugly. However, the inverse head and shoulders pattern is still a technical possibility, so I am not yet abandoning it.


+15 Balas
MagicPoopCannon MagicPoopCannon
@MagicPoopCannon, Keep in mind, though, that the 61.8% retrace is just below the 200, so that could act as support as well, if LTC gets down there.
+13 Balas
frankzed MagicPoopCannon
@MagicPoopCannon, on my Kraken chart the price bounced perfectly off the 50 ema

https://www.tradingview.com/chart/rk7cYCgi/
Balas
frankzed frankzed
Balas
The biggest plus point of LitePay was the spendable Card, now that being gone as card companies hate competition, no one is bothered with LitePay anymore except Merchants who want to increase their sales via marketing of Litecoin logo on their site.
The Utility and the news affect the sentiments -> which in turn affect the TA.
+6 Balas
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