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.***
@MagicPoopCannon , man ... I don’t know where you come from ... I don’t care how much ppl love or hate you ....... but I know you were gifted to us the blind ppl to take their hands HHH .... Go MPC !!!!!
RamzaBehoulve
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I think you are vastly underestimating LTC. It will be over your 2018 target by end of March already. Yes, it defies logic, but it's what's going to happen. LTC will reach over 1k by late April or even earlier.
I know, it's completely nuts, but it's going to happen.
BethanyJoy
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@RamzaBehoulve, that sounds great. I really need a new MacBook ;)
Hey. Have you seen this piece of news? Just got in a e=mail
"Thanks for your interest in LitePay! Registration for Merchant Payment Processing accounts will open today.
Due to recent hostile actions by card issuers towards crypto companies, we have decided that offering LitePay card registrations at this time is imprudent.
We will continue to monitor the situation with regards to card services and will open registration as soon as a reliable product can be supported.
If you are a merchant and you are ready to begin registration for a LitePay Merchant Payment Processing account, please follow the link below after 9:00 PM Pacific Time and click Sign up.
Thank you all for your support as we work to give merchants all over the world the ability to accept Litecoin."
evansmichaelj
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@ferhil, That's not good. Given that today's good news was already priced in, the bad part of that email will really not help. Probably going down to sub $200 level for a while. I'll hold though. I'm just not that disciplined to rebuy at a lower price and the net result is lost profits.
UnknownUnicorn1292767
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@evansmichaelj, True. I'm holding the bag from 240,00 and this news is not for my margin positions :(
evansmichaelj
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@ferhil, HaHa, I'm holding from about that same level. I'd been FOMOing for that entire rise and then finally bought there. Maybe the news isn't that bad and it won't drop. I just feel that LTC has so much upside in the fairly short term and long term.
CryptoBuzzAnalyst
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@ferhil, I made a quick 1,000 during the fork in one day.. Then I made the mistake of buying again at 247. Then my stop loss executed at $195.. I lost about $1700.. Yikes, and ouch!!.. But it was purely what I call house money.. Profit money so I guess I had a cushion ..But it still hurts...My advise is no matter how low this goes do not set a stop loss or sell out .. Hold the bags and ride the wave.. Litecoin goes back up fairly quickly and if you don't get to 240 then a few dollars loss wont hurt too bad...But don't make the mistake I made...I would still be up right now.. Lesson learned.. for me! I am new to litecoin ever since the fork.. I understand a little better how litecoin is behaving now. Trust me I wont make that same mistake again. I am gonna short the crap out of this coin and make 10 times more from the amount I loss recently... Laters..
burninern
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@ferhil, I got that too. I'm guessing the credit card companies are thinking the same thing: that supporting cryptocurrency could mean the end of their money grab!