Welcome friends, to this oh-so-beautiful, straight from the future, hater-proof wizardry! The update analysis on Litecoin! Let's jump right in. Looking at the four hour chart, we can see that after surpassing the top of the downtrend channel, LTC exploded higher, and ran straight up to my inverse head and shoulders target, where it decided to take a rest. Since I gave you that target, on 2/6/18, LTC has surged from 139.30 to 236.30. That's a gain of 70%! I'm not boasting, I'm just highlighting the value here. I gave you the target, before anyone else. Sure, some people said it would go up. But I gave you an exact target, and I even told you that it was likely to produce and inverse head and shoulders pattern. To highlight the accuracy even further, it rallied off of my downside target (head & shoulders + symmetrical triangle target) which I've had on the chart for weeks, and it appears to have been the floor in the market. Who else gave you such incredible accuracy? I don't think there is one person out there who did. I'm not trying to brag. I'm just forced to defend the extreme accuracy of my work, against this barrage of haters who wouldn't know a correct call if it slapped them in the face. Anyway, back to the analysis.
On the chart you can see that LTC has actually formed an uptrend channel (pink.) The channel is a pitch fork. You can see how reactionary the midline was in the beginning, which may come into play in the near future. Additionally, it is POSSIBLE that we're in the process of forming a big bull flag. It's too early to tell, but I've drawn this potential bull flag on the chart, so that you can watch to see how it performs. If it breaks to the upside, and we see a continuation of the euphoric buying, it could easily propel LTC above the uptrend channel, possibly all the way to the 23.6% retrace. However, if it breaks to the downside, we have a lot of rising support under us now, to cushion the fall. Let's discuss those support levels. First, we have the midline of the channel (pale pink dashes,) then teh 20 EMA (in blue,) the 61.8% retrace, the 50 EMA (in orange,) and the bottom of the uptrend channel. If you're wondering why I'm using the 20 EMA now, it's because we've made such a rapid move, that we now need to rely on faster moving averages. You can easily see how this explosive rally has launched us through what used to be massive overhead resistance. Now, those levels are below us as support. Overall, we just touched the top of this new uptrend channel, so perhaps LTC consolidates inside of it for a while. A break above the uptrend channel would be extremely bullish. If the flag starts to break down, look to the aforementioned support levels, as stair steps on the way 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-
The original call, where I gave you the $227 target...
On the chart you can see that LTC has actually formed an uptrend channel (pink.) The channel is a pitch fork. You can see how reactionary the midline was in the beginning, which may come into play in the near future. Additionally, it is POSSIBLE that we're in the process of forming a big bull flag. It's too early to tell, but I've drawn this potential bull flag on the chart, so that you can watch to see how it performs. If it breaks to the upside, and we see a continuation of the euphoric buying, it could easily propel LTC above the uptrend channel, possibly all the way to the 23.6% retrace. However, if it breaks to the downside, we have a lot of rising support under us now, to cushion the fall. Let's discuss those support levels. First, we have the midline of the channel (pale pink dashes,) then teh 20 EMA (in blue,) the 61.8% retrace, the 50 EMA (in orange,) and the bottom of the uptrend channel. If you're wondering why I'm using the 20 EMA now, it's because we've made such a rapid move, that we now need to rely on faster moving averages. You can easily see how this explosive rally has launched us through what used to be massive overhead resistance. Now, those levels are below us as support. Overall, we just touched the top of this new uptrend channel, so perhaps LTC consolidates inside of it for a while. A break above the uptrend channel would be extremely bullish. If the flag starts to break down, look to the aforementioned support levels, as stair steps on the way 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-
The original call, where I gave you the $227 target...
