Taking a look at the four hour chart, LTC appears to be attempting to break down from the bear flag pattern that we discussed yesterday. I did modify the shape of the flag
(from a pennant to a more traditional channel) in order to accommodate the shift in price movement. However, it's still a bear flag. Inside of the flag itself, you can see that there were several attempts to define the 200 EMA as support, but at the moment, the sellers are pushing the market right into the 200 EMA again. Given all of the bearish patterns, from the head and shoulders top, to the breakdown of the symmetrical triangle, to the bear flag, to the penetration of the 200 EMA, and the expanding sell volume, I think it is only a matter of time before LTC falls further. The next stop will be the $200 level. A sustained break below that, will send us to the $150 area.
Remember, when you want accurate analysis, turn to your trusty ol' friend, the MagicPoopCannon. =D
Happy New Year
I'm Out
-Jeremy D-
(from a pennant to a more traditional channel) in order to accommodate the shift in price movement. However, it's still a bear flag. Inside of the flag itself, you can see that there were several attempts to define the 200 EMA as support, but at the moment, the sellers are pushing the market right into the 200 EMA again. Given all of the bearish patterns, from the head and shoulders top, to the breakdown of the symmetrical triangle, to the bear flag, to the penetration of the 200 EMA, and the expanding sell volume, I think it is only a matter of time before LTC falls further. The next stop will be the $200 level. A sustained break below that, will send us to the $150 area.
Remember, when you want accurate analysis, turn to your trusty ol' friend, the MagicPoopCannon. =D
Happy New Year
I'm Out
-Jeremy D-
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***