On December 9th, when LTC reached my pink falling trendline, I told you that it was at a breakout or breakdown point. After the touching candle had closed as a red inverted hammer, I updated that analysis warning you that LTC would continue to fall from that point. As you can see on the chart, that was the exact high of the rally. Since then, LTC has fallen all the way down to test the recent lows, around the $23 level, which is more than a 12% fall.
Keep in mind that this is the hourly chart. On the daily, this same action is just a big bear flag. On the daily chart, it appears as though the flag is already beginning to break down, but the absolute low of $22.57 hasn't been taken out yet. So, I wouldn't bank on a breakdown until that level falls. If/when that does happen, we could see another powerful wave of selling, that sends BTC sub $15. The only thing that would change that look, is if LTC holds here, rallies up above the falling pink trendline, and then breaks above the first red resistance level at $26.33. If that happens, it would negate the current formation as a bear flag, because it would then be producing an upside breakout. So, until then, we can watch to see it LTC breaks down right here, or begins a recovery attempt above the pink trendline.
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.***
-JD-
Commento
⋅
Correction... LTC sub $15. Not BTC. =D
Commento
⋅
Looks like LTC wants to take another run at the pink trendline.
@Daemon_Crypto, Sorry, LTC. Getting my TCs mixed up.
MrNarmerkTheSacredGeometer
⋅
.... that sends BTC sub $15.. you mean LTC!
EntrepreneurVE
⋅
@MrNarmerk, Yes, LTC
MagicPoopCannon
⋅
@MrNarmerk, LTC =D
phil155
⋅
@MagicPoopCannon, as usual very good analysis and I can see LTC getting down to 4-8 and BTC as low as 800-1200 but I am no where near your level of expertise nbut judging by past performance of both coins I can see it
Snuby3
⋅
Snuby3
⋅
@Snuby3, next stop would be the downtrend line inter-tangled with the 50 EMA on the 4hr eh? 26 ish