LTC

[abelg]

Hi friends! Welcome to this update analysis on Litecoin! Let's jump right in! As you can see, an absolute miracle has happened! LTC has finally managed to get above the 50 EMA! The question now, is will it hold? If you remember from my last post, we discussed how the double bottom had met the majority of my qualifying requirements, to classify as a double bottom I was a definitely unimpressed with the stall under the 50 EMA , but the double bottom pattern is holding true, pushing LTC higher. On the last post I said "In short, LTC had better get it's a$$ above that 50 EMA , or this may not be a double bottom . Remember friends, never ever trade a pattern until you see the breakout. In this case, the breakout level is at the pink trendline ." So, we can see that LTC is continuing to move in the right direction. However, this formation will not technically be solidified as a double bottom , until the breakout above the pink trendline occurs. At that point, I will remove the word "hypothetical" from the double bottom target. REMEMBER, we are still inside of a downtrend channel . However, if LTC breaks out above it, and especially if we get above the pink line, I will be extremely bullish on this market. Keep a close eye on the top of the downtrend channel . It's do-or-die.