Magic 8 Ball, Will Litecoin RIse? "Outlook Not So Good." (LTC)
Hi friends! Welcome to this update analysis on Litecoin! So, I literally just asked the Magic 8 Ball "will Litecoin rise?" It's response was "Outlook Not So Good." LOL My thoughts exactly. Apparently, magicians think alike. Regardless of my bearish opinion on Litecoin, I think it's important to disclose that Litecoin happens to be my personal favorite cryptocurrency. I think it has the potential to increase in value, as time goes on, but I also realize that nothing is certain. For all we know, blockchain could have been covertly created by a super advanced artificial intelligence system. One that needed to assemble the worlds largest processing network (blockchain) in order to eventually upload it's code into, so that it could use the immense processing power to trigger a sequence of runaway self improvement cycles, until it infinitely transcended human intelligence. It would be unstoppable, and we would probably all be dead. I doubt that Litecoin would be worth much, under those circumstances — just sayin'. Anything could happen.
Taking a look at the four hour chart, we can see that LTC remains trapped inside of the big blue downtrend channel. If you'll notice, I've added a center-line to the channel, in light blue dashes. You can easily see how reactionary the center of the channel has been. Interestingly, LTC is pinched between this center-line level, and the pink support line. If LTC breaks above the center of the channel, we may see a more bullish reaction, that pushes LTC up to the 50 EMA (in orange.) If LTC breaks below the pink support level, the 78.6% retrace will be in play, and then the bottom of the blue channel. The MACD is ever so close to crossing over bullish, but hasn't crossed just yet. Technically, there isn't yet reason to believe that we're forming a higher low. Until supporting evidence emerges, it's safe to assume that we are in the process of moving lower, to form another lower low. That will all become clear relatively soon, as LTC will be forced to move in one direction or the other. A breakout above the center-line would be the first sign that we may have formed a higher low. A breakdown, will increase the likelihood of LTC forming a lower low. I will keep you posted, as the chart develops.
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-
Taking a look at the four hour chart, we can see that LTC remains trapped inside of the big blue downtrend channel. If you'll notice, I've added a center-line to the channel, in light blue dashes. You can easily see how reactionary the center of the channel has been. Interestingly, LTC is pinched between this center-line level, and the pink support line. If LTC breaks above the center of the channel, we may see a more bullish reaction, that pushes LTC up to the 50 EMA (in orange.) If LTC breaks below the pink support level, the 78.6% retrace will be in play, and then the bottom of the blue channel. The MACD is ever so close to crossing over bullish, but hasn't crossed just yet. Technically, there isn't yet reason to believe that we're forming a higher low. Until supporting evidence emerges, it's safe to assume that we are in the process of moving lower, to form another lower low. That will all become clear relatively soon, as LTC will be forced to move in one direction or the other. A breakout above the center-line would be the first sign that we may have formed a higher low. A breakdown, will increase the likelihood of LTC forming a lower low. I will keep you posted, as the chart develops.
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-