Litecoin didn't drop like I thought it would.
Updated
I'll link my previous analysis below in the bulletpoints on why I thought Litecoin would drop. Technically it still could, but I'm gaining bullishness. I will still leave it as a possibility on the table, but hear me out.
-We have already been in free fall since 01/18. We are not going to fall forever. We will eventually go up. That's what fundamental analysis and a little bit of my crypto addiction tells me.
-Past results don't always predict future outcoins (see what I did there? punny)
-In reference to the bullet point above, I talk all about "past results" determining future outcomes here:
-We have 4 steady green weekly candles formed in a row on decent volume. this didnt happen last May on a severely consequential test of the 50d EMA. We didn't retest the purple channel downtrend so quickly after too. It dropped severely. But now we have a test of the 50d EMA on Jan 8th, and are already retesting it in early February.
-A few other charters have pointed this out (credit goes to many) so I'll just throw that pattern out there. (not drawing, is too obvious lol). This could turn into a failed pattern like we recently saw with the inverted HS. Or do we just have a really lazy right shoulder that's taking forever to move? Lol. I'm not a H&S scientist. I call it like I see it.
-The confluence gets rather crazy here. The purple downtrend channel is intersecting a previous support (now resistance since we broke below it) from the low on the week of sept 11th 2017. I had that line of support/resistance drawn ages ago, just happened to notice it now. Well, we're currently right smack dab in the middle of testing those 2 confluent resistances. Breaking out of the purple channel by itself will remain a heavy task, which is why I'm remaining cautious here. But we are at the beginning of the week, with good January volume preceding us. The volume will be the gas that takes us over the hill here.
-I always reference the RSI and MACD mostly because it's what I know. But they're still good indicators, and on the weekly charts they look primed to make some moves. I don't think we'll start a new bull run like 2017, but could get some good pumps before the halving on Aug 5th.
-Lee has announced CTs, which has lots of Litecoin fans excited for future developments.
Now, with all of this said, we could continue and break down further from here, right back in the channel where we probably belong for a few more years.
I dare say............ Arise Chikun?
-We have already been in free fall since 01/18. We are not going to fall forever. We will eventually go up. That's what fundamental analysis and a little bit of my crypto addiction tells me.
-Past results don't always predict future outcoins (see what I did there? punny)
-In reference to the bullet point above, I talk all about "past results" determining future outcomes here:
-We have 4 steady green weekly candles formed in a row on decent volume. this didnt happen last May on a severely consequential test of the 50d EMA. We didn't retest the purple channel downtrend so quickly after too. It dropped severely. But now we have a test of the 50d EMA on Jan 8th, and are already retesting it in early February.
-A few other charters have pointed this out (credit goes to many) so I'll just throw that pattern out there. (not drawing, is too obvious lol). This could turn into a failed pattern like we recently saw with the inverted HS. Or do we just have a really lazy right shoulder that's taking forever to move? Lol. I'm not a H&S scientist. I call it like I see it.
-The confluence gets rather crazy here. The purple downtrend channel is intersecting a previous support (now resistance since we broke below it) from the low on the week of sept 11th 2017. I had that line of support/resistance drawn ages ago, just happened to notice it now. Well, we're currently right smack dab in the middle of testing those 2 confluent resistances. Breaking out of the purple channel by itself will remain a heavy task, which is why I'm remaining cautious here. But we are at the beginning of the week, with good January volume preceding us. The volume will be the gas that takes us over the hill here.
-I always reference the RSI and MACD mostly because it's what I know. But they're still good indicators, and on the weekly charts they look primed to make some moves. I don't think we'll start a new bull run like 2017, but could get some good pumps before the halving on Aug 5th.
-Lee has announced CTs, which has lots of Litecoin fans excited for future developments.
Now, with all of this said, we could continue and break down further from here, right back in the channel where we probably belong for a few more years.
I dare say............ Arise Chikun?
Note
Yes... Arise chikun. A few things to note. We need some solid closes above this trendline to confirm a solid breakout. I see this happening as fomo settles in on twitter. But, we still have a ways to tread.
About that confluence mentioned above. Breaking 2 resistances simultaneously is a very good thing. They were strong resistances.
Other things to note are the 21 EMA crossing the 50 EMA. Last month when LTC surged we didn't see this happen, we could be seeing this happen now. Need to wait a few days though to see how it plays out officially.
If I zoom out to the monthly chart, (which I rarely do for various reasons) I really like what I see.
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