Hi friends! Welcome to this quick update analysis on Litecoin! Let's get right to it. Looking at the four hour chart, you can see that LTC has pierced the support created off of 2/23's low. This is very negative price action, that could lead to a more significant decline. You can see that LTC appears to be in freefall at the moment, as it races toward a support zone (blue box.) If we break below there, the next level of support will be the 78.6% retrace, at about 146.50. The current rollover looks very similar to what we saw from 1/15 through 1/17. This negative action could produce much more downside. A close below the 181.77 level, will increase the likelihood of further downside. You can see that the 50 EMA and 200 EMA are converging like they want to cross, so we could be gearing up for some major selling here.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
MPC Always gives you his vision and thoughts . We also always gives us both views , up and down possibility . He never implies to buy or sell your holdings just helps you see diefferent paterns in the market .
Thank you MPC for all giving me your knowledge
@smashfootball, You need more patience. It will go back down this night or tomorrow. Never enter a trade during the action if you are new to this. Sell when it starts declining, not when it has declined a lot... We learn from our mistakes they say.
smashfootball
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@xilef94, you are correct - I keep making this mistake over and over. I am holding onto xrp I bought at $1 and ETH at 768 for the long term...profit.
xilef94
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@smashfootball, I think we all start like this.. Learn TA, trust yourself AND be patient. When you make a bad move, buy more lower to lower your average cost of the position.
hortstu
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@xilef94, Any tips on the best ways to learn TA faster? Aside from looking at all the info here? Tough to know who is good and who isn't when you don't know TA.
xilef94
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@hortstu, Definetely check Philakone on Twitter and Youtube. I learned so much from him. He has 24 tutorial video lessons that you could really benefit from... for free!
Thank you MPC for all giving me your knowledge