LTC On the 4-Hr - Dyslexic Chart Analysis. Thanks for 40k views!
LTC on BITFINEX, 4-Hr TA
Please note, I left my prior chart notes on this TA. I just changed the resistance to support price levels.
You can see the price distribution pattern forming with my typical Orange Dotted Primary support falling trendline with 4-data points along with the above solid resistance falling trendline with 2-data points. We are a candle or two from determining if that third resistance point will hold.
Volume is below average, and it appears the longs are dug in. I have two fib’s on this chart which is inverse to each other, a short-term fib indicating the recent move and a longer-term fib allowing us the ability to see this chart from both sides, long and short.
My alerts are all over this chart, from a breach of the primary trend to a breach of the solid resistance trendline. In a perfect world, this price action would be considered a bullish pattern looking for a continuation of the bullish previous price action – but this is crypto-world, so we go where BTC takes us, not to mention, LTC’s last big run was much higher than usual. I can see a pullback to $38.00 as reasonable. I am not interested in buying LTC at this level for the same reason I noted on ETH. This probability is too high we fall back near $30.00 before we hit $50.00. This is my opinion which indicates my Bearish belief in the coming price action.
So, how to consider playing this? Watch that upper solid trendline for a breach and consider buying just above it, if you’re feeling lucky. You can see R1 is holding, so let some of your position go near R1, letting some ride for the long haul.
I am playing it for better pricing or confirmation of a change in trend. We have breached S1 on the primary dotted trendline leading me to think we may be looking to make another higher low.
PLEASE NOTE:
I am still feeling sick, so I am writing this for the people who follow me in mind. They know my charting style and can use the reference points; support and resistance levels for possible entry and exit points. When I get to feeling better, I will go back to my usual style.
I included a green lower trendline to demonstrate a possible triangle pattern. I am looking at this chart from a short-term and longer-term perspective. I left the original Primary dashed trendline we were using prior to the bull run.
My apologies for the clutter. The chart looks like my brain feels. I really think something might break in a few candles as we get nearer to the solid overhead resistance trendline.
Good luck,
Biff
Please note, I left my prior chart notes on this TA. I just changed the resistance to support price levels.
You can see the price distribution pattern forming with my typical Orange Dotted Primary support falling trendline with 4-data points along with the above solid resistance falling trendline with 2-data points. We are a candle or two from determining if that third resistance point will hold.
Volume is below average, and it appears the longs are dug in. I have two fib’s on this chart which is inverse to each other, a short-term fib indicating the recent move and a longer-term fib allowing us the ability to see this chart from both sides, long and short.
My alerts are all over this chart, from a breach of the primary trend to a breach of the solid resistance trendline. In a perfect world, this price action would be considered a bullish pattern looking for a continuation of the bullish previous price action – but this is crypto-world, so we go where BTC takes us, not to mention, LTC’s last big run was much higher than usual. I can see a pullback to $38.00 as reasonable. I am not interested in buying LTC at this level for the same reason I noted on ETH. This probability is too high we fall back near $30.00 before we hit $50.00. This is my opinion which indicates my Bearish belief in the coming price action.
So, how to consider playing this? Watch that upper solid trendline for a breach and consider buying just above it, if you’re feeling lucky. You can see R1 is holding, so let some of your position go near R1, letting some ride for the long haul.
I am playing it for better pricing or confirmation of a change in trend. We have breached S1 on the primary dotted trendline leading me to think we may be looking to make another higher low.
PLEASE NOTE:
I am still feeling sick, so I am writing this for the people who follow me in mind. They know my charting style and can use the reference points; support and resistance levels for possible entry and exit points. When I get to feeling better, I will go back to my usual style.
I included a green lower trendline to demonstrate a possible triangle pattern. I am looking at this chart from a short-term and longer-term perspective. I left the original Primary dashed trendline we were using prior to the bull run.
My apologies for the clutter. The chart looks like my brain feels. I really think something might break in a few candles as we get nearer to the solid overhead resistance trendline.
Good luck,
Biff
