Before I started writing about LTC, I would like to take the time to thank MagicPoopCanon as he has inspired me to start looking at Cryptos from a TA perspective.
I have only started trading since Dec 17, just like many of you who jumped in the Crypto world because of the hype. I had no prior knowledge about any of the TA terminologies, MACD, RSI, trend line & EMA etc. I was losing money and blaming myself that I did not do any research before I started investing. Rather than continuing blaming myself, that's exactly what I did - looking at other people's posts and borrowed a few TA books. Then, one day I saw MagicPoopCanon's analysis and got addicted to his analysis. It's like reading a novel, at first you don't know what to expect next, but when time goes by, you start having a picture of what the story is about and what you would expect next.
The most valuable lesson I learnt from MagicPoop is how to identify patterns & trend lines. Many of the trading experts on TradingView, they stick to the same patterns & trend lines for weeks and then realised the pattern & trend line are no longer valid. However due to the volatility of cryptos, patterns can change so frequently, even on a daily basis.
Anyhow, come back to my updated analysis on LTC. As expected from my last post on LTC, my yellow trendline and the 100EMA are holding nicely as support. If you not sure where my yellow trendline comes from, you can refer back to my previous LTC posts. This trend line is something that I have identified, as a lesson learnt from Magic Poop. I am not saying the trend line is 100% accurate, I am just stating that there is a high possibility the trend line exists. If the trend line happens to be violated, I would abandon the trend line right away. But right now it seems the trend line is still in play. In terms of MACD & RSI, they all look quite natural, neither bullish or bearish. Currently I am still leaning towards breaking the wedge upwards as the support levels seem to hold nicely.
If you like my posts, please press "like" so I know people do enjoy reading my posts.
Taiwan Bear.
I have only started trading since Dec 17, just like many of you who jumped in the Crypto world because of the hype. I had no prior knowledge about any of the TA terminologies, MACD, RSI, trend line & EMA etc. I was losing money and blaming myself that I did not do any research before I started investing. Rather than continuing blaming myself, that's exactly what I did - looking at other people's posts and borrowed a few TA books. Then, one day I saw MagicPoopCanon's analysis and got addicted to his analysis. It's like reading a novel, at first you don't know what to expect next, but when time goes by, you start having a picture of what the story is about and what you would expect next.
The most valuable lesson I learnt from MagicPoop is how to identify patterns & trend lines. Many of the trading experts on TradingView, they stick to the same patterns & trend lines for weeks and then realised the pattern & trend line are no longer valid. However due to the volatility of cryptos, patterns can change so frequently, even on a daily basis.
Anyhow, come back to my updated analysis on LTC. As expected from my last post on LTC, my yellow trendline and the 100EMA are holding nicely as support. If you not sure where my yellow trendline comes from, you can refer back to my previous LTC posts. This trend line is something that I have identified, as a lesson learnt from Magic Poop. I am not saying the trend line is 100% accurate, I am just stating that there is a high possibility the trend line exists. If the trend line happens to be violated, I would abandon the trend line right away. But right now it seems the trend line is still in play. In terms of MACD & RSI, they all look quite natural, neither bullish or bearish. Currently I am still leaning towards breaking the wedge upwards as the support levels seem to hold nicely.
If you like my posts, please press "like" so I know people do enjoy reading my posts.
Taiwan Bear.
Note
LTC has pierced through the yellow trendline as well as the 100EMA, and even lightly touched the 200EMA. It is likely that bears gonna have another few attempts to break through the 200EMA. Both MACD & RSI still have plenty of room to go down south. So, please watch it closely and set up your stop losses just in case.Note
LTC has tried to bounce back above 200EMA but got rejected. Watch it closely now as it might drop even further down to the next two support @ $181.6 & $166.3. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.