MWAH-HA-HA-HA-HAAAAAA!!! Welcome friends, to this update analysis on LITECOIN! Let's get right to it! Looking at the four hour chart, you can see that LTC has continued to fall as expected, moving closer and closer to the downside target. As you can see, LTC has confirmed the overhead moving averages as resistance — something that I warned about on multiple occasions. I kept saying, YOU DON'T BUY BELOW POWERFUL OVERHEAD RESISTANCE. So, please, don't listen to the noobs who say "Oh Magic says buy high and sell low blah blah blah." It's not about buying relatively high or low. When we're looking at these charts, we're assessing the resistance and support, the formations, and the PROBABILITY that we will move higher or lower. So, as a basic rule of thumb, buy ABOVE support and sell BELOW resistance.
On the chart, you can see that a clear head and shoulders formation was created, with the head peaking out as price ran into the overhead moving averages. Since then, we returned to the neckline, completed the right shoulder, and now LTC has broken below the neckline, as it forms what currently appears to be a small sloppy bear flag. That move has happened on low volume, so traders are largely side-stepping the most recent action, but the overhead resistance remains strong. Even if we rallied from here (which is not the most likely scenario) powerful resistance would most likely be found at the 50 EMA (in orange.) Therefore, the technical picture suggests that my downside projections remain valid, as price continues it's descent.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
On the chart, you can see that a clear head and shoulders formation was created, with the head peaking out as price ran into the overhead moving averages. Since then, we returned to the neckline, completed the right shoulder, and now LTC has broken below the neckline, as it forms what currently appears to be a small sloppy bear flag. That move has happened on low volume, so traders are largely side-stepping the most recent action, but the overhead resistance remains strong. Even if we rallied from here (which is not the most likely scenario) powerful resistance would most likely be found at the 50 EMA (in orange.) Therefore, the technical picture suggests that my downside projections remain valid, as price continues it's descent.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-