Welcome friends, to this one-of-a-kind, masterful analysis, brought to you by the magician of the charts! I've got to get this out quick, because the breakdown is starting to happen. You can see that LTC is in a bear flag, after falling out of a triangle formation. The height of the triangle suggest a full potential correction down to the 137.50 area. The height of the bear flag, also suggests a correction to the 137.50 area. When multiple formations suggest price targets in the same location, it's usually an indication of fractal relationships in the patterns. In other words, when multiple patterns suggest similar price targets, it's showing you that each formation is a small piece of the whole. Think of it as a kaleidoscope. When you look into a kaleidoscope, you see a series of geometric shapes that nearly or fully represent the whole. Technical analysis is similar sometimes, in that there will be several structures that suggest a convergence on a common point. That doesn't mean that we will get to 137.50 for sure. Patterns don't always correct or rally to their full potential. However, when multiple formations converge on the same target level, it increases the likelihood of that target being reached. The size and location of each formation (the triangle and the bear flag) suggests a common downside target around 137.50. That level meets the low of 1/17 perfectly. A breakdown from the bear flag will further validate that downside target, and that breakdown appears to be happening as I write this. Prepare for lower prices everyone. 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.***
It might be possible but i don't believe so. based on Fibonacci extensions and retracements with Elliot wave theory we are setting up a bullish breakout! if anything this is a classical
barbosa89
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@barbosa89, BEAR TRAP! buy in was last night in the 160$ range! hope some of you bought your LTC and are holding :)
instababyeli
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@barbosa89, where is the crystal ball at?! good call
carltonzone
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@barbosa89, You were right. And I wonder how many people will forget how wrong his prediction was today. How does anyone not notice when he gets things so completely wrong? I'd love to see the explanation for the breakout today. I'm sure it will be super-creative.
GazMema
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@carltonzone, don't talk about that. 'Poop-no-like-it'. Poop only good, poop no bad.
UnknownUnicorn121770
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127.9
photinoman
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Actually in LTCBTC chart, it is curving upwards. I don't like to look at the LTCUSD chart, I would prefer LTCBTC.