Welcome everyone, to this update analysis on LITECOIN! Everyone wants targets. "Magic what's your target for this? Magic, what's your target for that?" Well friends, today I'm going to stick my neck out there, for a 2018 target that I've generated in Litecoin! Now before we get into this, I have to warn you. It's JUST a target. Targets are projections that are made, which give an idea as to where a particular asset could go into the future. However, the market must be closely studied along the way, to constantly ensure that the target remains valid. Based on what I see on the LTC chart, I have generated what I think is a reasonable target, should the right conditions play out. Let's get into it!
Like I said, I'm really sticking my neck out there on this one, but I'm letting the charts do all of the work. The data is all right here in front of us, so let's see what it says. Starting at the left side of the chart, you can see that LTC ran up to it's all time high, and then entered a long retracement in a downtrend channel (in blue.) The retracement took LTC all the way to my downside target of 105, which was on my chart from 225. After hitting my downside target, LTC immediately reversed to the upside, and ended up breaking out of the downtrend channel. Funny how my downside target was the floor in the market. Anyway, you can see that LTC appears to now be in the process of creating a large inverse head and shoulders formation. I've actually been covering this for a while now, but today, I'm going to throw a target out there for this structure. Based on the size of the structure, we can see that a breakout is likely to produce an upside test of the all time high, at 370. However, such a move will likely form a bowl like structure on the chart, shown in green. Obviously the all time high could act as resistance, and send LTC lower, but it should eventually break out. If that occurs, and a breakout is confirmed above the all time high, my upside target is at $600. Based on the time horizon, and the data on the chart, it appears as though $600 could be reached by the end of the year, if these conditions unfold.
So, you can see that there are several things that need to happen for these targets to be met. First of all, LTC needs to breakout of the inverse head and shoulders pattern, and then the all time high.
For your information, this is a message from the future, and my target has already been reached. =D
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-
Like I said, I'm really sticking my neck out there on this one, but I'm letting the charts do all of the work. The data is all right here in front of us, so let's see what it says. Starting at the left side of the chart, you can see that LTC ran up to it's all time high, and then entered a long retracement in a downtrend channel (in blue.) The retracement took LTC all the way to my downside target of 105, which was on my chart from 225. After hitting my downside target, LTC immediately reversed to the upside, and ended up breaking out of the downtrend channel. Funny how my downside target was the floor in the market. Anyway, you can see that LTC appears to now be in the process of creating a large inverse head and shoulders formation. I've actually been covering this for a while now, but today, I'm going to throw a target out there for this structure. Based on the size of the structure, we can see that a breakout is likely to produce an upside test of the all time high, at 370. However, such a move will likely form a bowl like structure on the chart, shown in green. Obviously the all time high could act as resistance, and send LTC lower, but it should eventually break out. If that occurs, and a breakout is confirmed above the all time high, my upside target is at $600. Based on the time horizon, and the data on the chart, it appears as though $600 could be reached by the end of the year, if these conditions unfold.
So, you can see that there are several things that need to happen for these targets to be met. First of all, LTC needs to breakout of the inverse head and shoulders pattern, and then the all time high.
For your information, this is a message from the future, and my target has already been reached. =D
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-