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.***
magic, you charts are missing one thing i have on my own and i wonder what you think about it....im sure you must have chosen to exclude it on purpose, so i am wondering about the purpose. Back before LTC really took off when we were pre-$100 days....if you draw a looooooooong line from that trajectory to now, the price would be roughly 150....so i am wondering if that may actually be the bottom. Drawn in tandem WITH your downtrend channel, it presents that the downtrend is almost over and we will just have corrected back to the original trajectory....at least for a moment. See what you think....maybe include something about it on your next LTC idea?
stocks444
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Do you think the launch of Litepay in February will be enough to "break the chains" and allow Litecoin to react in a way that is not subservient to Bitcoin? Up until now, Bitcoin has had a short leash around Litecoin's neck. Wherever Bitcoin goes, Litecoin follows.
cprime
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@stocks444, LTC and BTC seem to be closely tied for sure....but all other coins except a few minor altcoins follow the patterns pretty close to BTC. I hate that though! I guess it also applies in the stock world though. although there a lot of it has to do with ETF's and mutual funds that "basket" stocks together in all kinds of ways so when one major player goes up or down, those baskets go with it. I am interested if Litepay or any rumored amazon-litecoin deal gets confirmed....that may completely ramp up volume and price on LTC!!!
@afreet77, well, he can still affect the decision of who follow him ..
lgcasperwhite
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@MagicPoopCannon "covertly created by a super advanced artificial intelligence system" this is one of my thoughts as well. But imagine in addition if it was sent from the future.... Most of the people just want you to tell them nice things and how they will all become very rich.Stupid dumb holes.... You are great. Thank you
mybids
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You are impressive. I started following about 1 month ago. I did not listen to you 100% intitially. One day I woke up and said this guy is like magic. After that you have save me and made me money. I am trying to learn this myself now but for now I am leaning on you. Thanks for your great work.
Boss_Coyote
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what the heck is going on here ..? price seems to be rising
yourguyryry
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Open question to @MagicPoopCannon or anyone following this post. What do we think about the upcoming Weiss crypto ratings? Big enough fundamentals to push / drop some of the top currencies or not?