MagicPoopCannon

MagicPoopCannon

HI friends! Looking the four hour chart, we can see that litecoin is breaking support, and is about to have a bearish crossover on the MACD. Look for prices to tumble down to the 38.2% retracement level (around $265) and potentially down to the rising 50 EMA (in orange.) ***This information is not a recommendation to buy or sell. It is to be used for educational...

MagicPoopCannon

HI friends! Looking the four hour chart, we can see that bitcoin has been rejected at the rising pink trendline, and is now breaking support at the 23.6% retracement level. Additionally, there has been a bearish cross on the MACD. Prices are likely to head lower. Possibly to the 50 EMA (in orange.) ***This information is not a recommendation to buy or sell. It is...

MagicPoopCannon Updated 

Looking at Ripple on the four hour chart, we can see just how bullish XRP is. It has created a healthy looking parallel channel, and it appears to be defining the previous high as new support. The bottom side of the channel was pierced, but powerful support was found at the 50 EMA (green circle.) The candle that pierced the bottom of the channel has a long lower...

MagicPoopCannon

Yesterday, I gave you the inverse head and shoulders pattern, in LTC, before the right shoulder had even filled in. Today, it filled the right sholder and is now breaking out to the upside, in an explosive confirmation of the pattern. In addition to the breakout, there is a bullish cross on the MACD, which is circled in green, and nice clearance of the 50 EMA....

MagicPoopCannon

Stellar just printed a huuuge bounce candle on the four hour chart, creating a nice accumulation zone support level. In my last post, I said that we would likely see XLM fall down to the top of the ascending wedge, or the 38.2% retracement level, and Stellar has done exactly that. Now I'm watching for a confirmation move higher. I will also be watching for a...

MagicPoopCannon

Yesterday, I gave you the bull flag, and I told you that all systems were "GO," in BTC. What happened today? Oh nothing... Just a huge bull flag breakout. Haha Ok enough with the boasting. On a more serious note, it's important to illustrate the power of accurate technical analysis. Now on to the four hour chart! We can see that BTC has run up to the bull flag...

MagicPoopCannon

Looking at the four hour chart, we can see that litecoin is filling in the right shoulder of the inverse head and shoulders pattern that I proposed yesterday. There has also been a bullish crossover on the MACD, but it hasn't occored on strong volume or momentum. Litecoin is just kind of drifting sideways — like a crouching tiger, sneaking through the grass,...

MagicPoopCannon Updated 

Looking at the four hour chart, we can see that Bitcoin has broken out from the top side of a symmetrical triangle, and is now consolidating in a bull flag above the 50 EMA. A bullish divergence has also been formed, between price and momentum, as BTC printed lower lows on the chart, with higher highs on the MACD (green dashes.) Further adding to the renewed...

MagicPoopCannon

Stellar is taking a much needed pause, around the wedge breakout target that we discussed yesterday. This is certainly healthy for future price action, considering how dramatically it has rallied over the past few days. Look for a retracement to the 38.2% level, around $0.68, or a bit lower to the top of the ascending broadening wedge. A sustained rally off of...

MagicPoopCannon

Looking at the four hour chart, we can see that Litecoin is still flirting with the 50 and 200 EMAs. As you can see on the chart, LTC appears to be creating an inverse head and shoulders, which (if it breaks out) would likely send us up to around $286 and then $308. I've also noted a bullish divergence on the chart, between price and momentum (dashed green lines.)...

MagicPoopCannon

Looking at the four hour chart, we can see that Stellar has exploded out of the ascending broadening wedge that it was trading in. The crypto market cap has also skyrocketed to over $718B, from $597B 48 hours ago. There is an enormous amount of money flowing into crypto at the moment, and it's going into high ranking low valued coins — like Stellar. Since we are...

MagicPoopCannon

Bitcoin is posting mixed signals on the chart, as the battle between the bulls and the bears rages on. After creating a huge head and shoulders pattern, and losing the critical 50 and 200 period exponential moving averages, BTC morphed into an inverse head and shoulders, regained the moving averages, and is currently breaking out to the upside of the symmetrical...

MagicPoopCannon

Looking at the four hour chart, we can see that Litecoin is charging higher this morning, negating the bear flag that was on the chart yesterday. It has regained the 200 EMA, as well as the 50 EMA, and it's currently challenging the previous high, from December 29th. There is a nice uptrend channel that has formed, (green) and Litecoin is riding it higher. For...

MagicPoopCannon

LTC has broken back above the top side of the descending trend line (from the symmetrical triangle) and is back above the 200 EMA on the four hour chart. Unfortunately, this action is happening on flat volume, so there isn't much conviction. We obviously want to see the 200 EMA hold, but more importantly we want to see higher highs begin to form, and we want to...

MagicPoopCannon

Bitcoin, along with many other cryptocurrencies, has printed a huge ominous head and shoulders pattern on it's chart. It has also formed another smaller head and shoulders pattern, as it moves closer and closer to the apex of the triangle that it is in. These patterns are very bearish for Bitcoin. Momentum in BTC has fallen, and the volume is dropping, signaling...

MagicPoopCannon Updated 

LTC has broken down from a symmetrical triangle. The 61.8% retracement level lies just below, around $197.50. However, based on the head and shoulders formation, and the widespread sell volume, I think LTC could find it's way down to the $150 level, find quick support, and then possibly fall further to the $105 area. At the moment, Litecoin's path of least...

MagicPoopCannon Updated 

If the symmetrical triangle breaks to the downside, it could send prices to $200, $150, then the $105 area. A break to the upside would send LTC to new all time highs. -JD-

MagicPoopCannon Updated 

Taking a look at the four hour chart, we can see that LTC has just closed under the 200 EMA (purple line,) for the first time since November 7th. It now appears to be testing the bottom side of the 200 EMA, to confirm it as resistance, before heading down to the next target of $150. The sell volume is also increasing, further supporting the projection of a...