Litecoin technical analysis for December 16 2017.
The bullish flag has been forming since a few days now after a very strong uptrend on litecoin.
Sellers have tried to make lower lows but we ve seen a quick recovery to higher levels. Since Litecoin is trading in a so called BULLISH flag formation and is currently bumped to the upper trendline we can expect it to...
Litecoin has formed a descending triangle pattern, which is a bearish continuation pattern. I would expect LTC to break to the downside and continue lower in the short term.
Litecoin has made an incredible move higher over the last several days but now appears very overextended. IMO LTC will need to consolidate here or possibly even pullback some to give the moving averages time to catch up.
Litecoin is now forming a pennant pattern after a huge run-up in price the last couple of days. I would now anticipate a breakout higher and a continuation of the trend.
With everyone's attention on Bitcoin's price skyrocketing, Litecoin has exploded higher. This daily chart which is almost 1 year shows Litecoins incredible run higher.
Litecoin has broken out of the flag pattern it was forming. It had a strong break out followed by a classic re-test of the upper trendline. I am really liking how LTC is looking here, I continue to slowly add to my position.
Litecoin has been trading in a downward sloping channel since early yesterday. It has put in a higher low and a higher high but I would like to see LTC break above the upper channel trendline to continue the uptrend.
LTC has had an incredible run the last two days and I am really tempted to buy more but I have decided to be patient. It is possible LTC could breakout above the upper trendline and continue higher, but I am going to wait to see if LTC will pullback and possibly re-test support in the $135 area. If it does I will be ready to buy, I believe it is worth the risk...
Tom Demark count gave a red 2 on the daily chart. This is a clear sell signal. Moving average convergence divergence also confirms this.
I expect LTC bear trend to continue up to 6 more days till we reach red 9.
Scenario1: Price will drop till 86.692 (fib 0.382) and bounce from there.
Scenario2: Price will drop till 80.566 (fib 0.5) and bounce from...
We are due for a correction after double topping our 100 levels for LTC. This is normal and healthy as we will follow our fibonacci retracement. Further look will be assessed as the coin dumps.
Entry: 74
Stop Loss: 62
Target Profit: 125-130
As always,
Happy Trading!
Man what a crazy night. Definitely a lot of FOMO and FUD. It was a humbling experience especially when I broke my personal trading rules. I didn't step away from the computer and I let my emotions take control. I did cut my losses which I was prepared to do and 100% did not regret the decisions, but I realized I could have mitigated the amount if I reacted with...
