If you'll notice, we still remain inside of a technical . I have extended the flag outward, but you can see that the has not yet been breached, so it's technically still a . The pink dotted , is a secondary low level of support, and LTC is testing it heavily right now. If this level is breached, look for the 200 to act as support. With that said, we remain inside of a , inside of the right shoulder of a potential pattern. So, the overall vision is still intact.
I want to draw your attention to the 50% retrace (in red.) You can see that it has been an extremely important level of . Most recently, it has been purely resistive, as LTC has slammed into it on multiple occasions, without sustaining a breakout. If we have a confirmed breakout above that level, it will be HUGELY . For now though, let's monitor this , and the development of the right shoulder. Keep in mind that the appears to be trying to break down, but it's still a until that actually happens. Stay on your toes, and keep a close eye on the 200 and the 50% retrace. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. revoir.
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-
For those trading the Bitcoin pair, click here for my LTC / BTC analysis:
The Utility and the news affect the sentiments -> which in turn affect the TA.