Price action isn't looking too strong in LTC at the moment. On the four hour chart, it has failed to break above the 50 EMA (in orange,) five times in a row. Also, it appears to be forming a bear flag. If the bulls cant get this thing back above the 50 EMA, and above the bear flag, LTC is going to drop like a rock. Below the bear flag, the first downside target would be the 200 EMA ( in purple.) A break below that is likely to send LTC screaming down to $200, which is a critical support level for this market. A break above the overhead resistance, will confirm the higher low. From that point, we could see LTC post another higher high. I will keep you posted, as the chart develops.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Kommentera
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In the comment section, I've noticed some speculation about the possibility of LTC reaching $200. Just to illustrate, technically, how easy that would be, I would like to inform you on the most common way that traders find price targets for flag formations. If a trader notices a flag, they typically take the flagpole, copy it, and put it at the breakout point of the flag, in order to estimate a price target. I did that when I was analyzing this chart, and given the size of the flagpole, if it does break down, the price target would be about $185. I didn't want to include that in my analysis, because I thought it would be viewed as a drastic target. However, the technical indications project a likely drop to $200, should the bear flag break to the downside.
Great analysis, i hope so TBH because im looking for an entry point for LTC.
LilCasino
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Thanks for your viewpoint on LTC.
Please keep up the fine work.
I like that your not pushing people one way or another.
MagicPoopCannon
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@LilCasino, I appreciate the kind words! Thank you for following. =D
shigvaa
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It all depends on BTC. If BTC falls so would LTC but if BTC bounces off support and forms bullish pattern then LTC would rise.
Not sure if you guys know this but there are new fiat to crypto exchanges coming out soon. They need to buy in to sell them for fiat and you bet they'll support LTC.
veltto_keksi
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@shigvaa, Indeed. My guess is both will go higher.
Rowald
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Great analysis, everthing looks so far that you are right.... I wonder if we actually going to reach 200...
LARC
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where does the flagpole official begin and end?
LARC
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I like your analysis but I don't see 200 coming around. After charlie sold his coins, I dont think it even dropped below 200. GO LTC