Litecoin(LTC/USD) Update 09/08/2017: Bullish Momentum Intact But Failing At Same Resistance!!!!!! by jimmyrai28

litecoin · @jimmyrai28 · Aug 9 '17

$2.55

Litecoin(LTC/USD) Update 09/08/2017: Bullish Momentum Intact But Failing At Same Resistance!!!!!!

<html>
<p>Litecoin has maintained its long term bullish momentum in thick and thin times which crypto space has encountered recently due to Bitcoin's Hard Fork. Though it is volatile but never went down from its primary uptrend channel. Today it is trading at $47.50, down 3.08% after yesterday's rally of more than 4-5%.&nbsp;</p>
<p>Lets me have your attention on chart below to find out, What keeping its momentum in positive zone ?????</p>
<p>https://steemitimages.com/DQmeiRE2xCMkvusoifPXqJZsYCuw3tVPiifmYXEk3NG2QkJ/image.png</p>
<p>Their are following things on chart above which is keeping its positive momentum view:-</p>
<ol>
  <li><strong>Rising Channel: </strong>One can easily notice on chart above that Litecoin has never breached its rising channel on downside. Yes, it tested lower trendline of this channel time and again but never closed below it which is why i said its primary channel is still intact on upside.</li>
  <li><strong>Moving Averages: 10 Days EMA(Blue Wavy Line)</strong> has never crossed <strong>50 Days EMA(Red Wavy Line)</strong> on downside since bullish crossover in the month of March,2017. This is another good barometer to gauge bullish momentum in this script. As far the moving averages continues to behave as they are buyers going to be profitable when they buy this script on dips.&nbsp;</li>
</ol>
<h3>Point Of Concern</h3>
<p>Litecoin is continuously failing at resistance level 0f around $48.80. It is kind of triple top pattern at said level which may result in downmove in this script and this is my point of concern. But their is hope also as same pattern emerged at $34.40 level which is marked as support on chart above which this script finally breached on upside resulting nice upmove which is still intact.</p>
<p>________________________________________________________________________________</p>
<h3>Now the Conclusion</h3>
<p>Their is no doubt that this script is in uptrend but it need to breach the $48.80 level for continued momentum. So, investors should wait for that crossover and traders should closely watched the triple top formation on charts, they may short this script if resistance level is not crossed &nbsp;over in few days.</p>
<p>________________________________________________________________________________</p>
<p><em>If you like my analysis do not forget to</em> <em><strong>upvote, follow, comment</strong></em><a href="https://steemit.com/@jimmyrai28"><em>@jimmyrai28</em></a><br>
<em>if not then criticize, this also will be highly appreciated.</em></p>
<p><em>You can also drop a comment in 'reply' if want you want me analyze any script of your choice.</em></p>
<p>Now you can also find me on discord channel: <a href="https://discord.gg/VvHmhvH">https://discord.gg/VvHmhvH</a> &nbsp;&nbsp;</p>
</html>

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@ponts · Aug 9 '17

To further this point:
It was up to $50 late last night for only a few minutes, then dropped to $47.50 in less than 30 minutes.
"So, investors should wait..."

👍 jimmyrai28

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@jimmyrai28 · Aug 9 '17

Ur point accepted with grace my friend!!!

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@techwizardry · Jan 5 '19 (edited)

$0.24

The H&S pattern on the daily chart still hasn't been invalidated yet.

👍 gridcoinman

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@jimmyrai28 · Aug 9 '17

Refresh ur chart, h & s has been invalidated, but i must tell u that that pattern didn't strike me before i cross checked after seeing ur msg.
Thanks for replying and stopping by

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@techwizardry · Aug 9 '17

$0.24

Well, technically the right shoulder was broken, but in my experience the invalidation will happen when the head is broken. I think there is still chance for a sell-off over the next few days.

👍 gridcoinman

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@minnowsupport · Aug 9 '17

<p>Congratulations!  This post has been upvoted from the communal account, @minnowsupport, by jimmyrai28 from the Minnow Support Project.  It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123.  The goal is to help Steemit grow by supporting Minnows and creating a social network.  Please find us in the <a href="https://discord.gg/HYj4yvw">Peace, Abundance, and Liberty Network (PALnet) Discord Channel</a>.  It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.</p>

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@drotto · Aug 9 '17

<p>This post has received a 0.78 % upvote from @drotto thanks to: @banjo.</p>

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@gdreyer · Aug 9 '17

Thanks my man

👍 gdreyer

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@scaredycatguide · Aug 9 '17

Yes, LTC held up better than alot of the other coins last month when the market was waiting to see how BTC/Segwit things played out.  That resistance is being pesky though.

👍 res

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@res · Aug 12 '17

Agreed, I noticed that, i've not taken too much notice of LTC in the past but when an instrument holds when there blood on the streets that's usually a good buy signal.

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@res · Aug 12 '17

What charting software are you using Jimmy?

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@davebrewer · Aug 13 '17

It will be in the upchannel until it stops and goes into a down channel.  The upwards movement will be higher when it breaks out of the upchannel.

Hmmm. Technical analysis BS in my opinion. The conclusion that  it will keep going higher until it goes lower is a recipe for every day trader ever to lose all their stake

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