Hi friends! I hope you're all doing well today. Let's take a look at Litecoin! Looking at the four hour chart, we can immediately see that Litecoin has failed to make it's way back into the rising parallel channel (blue.) Now, it has broken below the 50% retracement level, as well as the 200 EMA (in purple.) Momentum is turning to the downside, increasing the likelihood of further selling. As I said in my last post, support rests around $225, which is being tested right now, and then $200. If we break $200, Litecoin could experience a panic selloff. Why, you ask? I'd like to draw your attention to the chart. If you look at the left side of the chart, you can see that between the 61.8% retracement level, and the 78.6% retracement level, Litecoin just ripped higher, when it was rising to an all time high. So, there isn't any real support or resistance in this region, except for the red trendline that extends from the low on 12-22-17. Other than that, it should be smooth sailing down to the 78.6% retracement level, which is at about $152.25. I want to emphasize the fact that I am not saying that LTC is going there for sure. All I'm saying is, look at the left side of the chart! Do you see how fast it went up through there? It could go down through there just as fast, if not faster. I'm not trying to spread fear. I own Litecoin for Christ's sake. Do you think I want to see all of these bearish developments? No. I'm just being real. I'm showing you, what the charts are showing me, from one fellow litecoin lover to another. On the upside (if there is an upside) the bulls need to get back above the 50 EMA (in orange,) and start posting some new highs.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please like, comment, follow, and share on social media! I'm MPC, and I'm outta here.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
i have ltc too
thats because of the btc is going down i think ltc will go back when btc will recover
MagicPoopCannon
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@finexo, They are closely correlated. We will have to see what happens. Personally, I have stopped all buying. I think we may be presented with much lower prices soon, and I will take advantage of that, if it happens. That's not a recommendation to buy or sell, by-the-way. =D Thank you for the comment!
xleratehighlander
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@MagicPoopCannon, I actually have a few thousands stash away as cash for rainy emergency days like this, if it does drop to 150 or below. Not that I want to, but sometime I do, you might as well take advantage of a ultra low under value coin.
I have no loyalty to any coin nor do I care if their tech really works or not. I do believe in the central value of the big three though... Bitcoin, Ether and Litecoin... Maybe because they are ancient coin and are regarded and compared to precious metal.
Good luck to all... I really do hope it drops to 150 and below... Jk... Nah I am not, I really do want it to go down.
MagicPoopCannon
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@xleratehighlander, Thank you for the comment! Personally, I hope we get a healthy dip, for a super good buying opportunity, and then blast off to new all time highs. =D Time will tell.
xleratehighlander
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@MagicPoopCannon, Amen Brotha... Lets go Healthy DIP!!! Currently over 50% of my portfolio is Litecoin, so I don't want to give the impression to others that barely hold any, but like you said, I want a very very healthy dip so that I can load up more...
Litecoin is part of the precious Three, it will stick around to the end...
stonedfish
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my 1st pending has been triggered, I have more down to $169
thats because of the btc is going down i think ltc will go back when btc will recover