Time is a valuable analysis tool many traders overlook. I am starting get into time fibs, but even at a simpler level it can be useful to evaluate how smaller timeframes/candles interact with larger ones. On ltc/btc we are at a critical timing point right now. At the moment, both the 1wk and 3d candle are showing big bodies. The 3d will close tn, if it closes as is (atm price is .00523) this would create a bearish close, and thus, it would set up for bearish close to the weekly as well. Now, if things were to turn around before closing tn it would create a wick, and leave an opportunity to turn the weekly candle around.
This chart is the 4h zoomed in, looks like it must break one way or another, and there are only two more candles left before the 3d closes tn. Could get a big move.
Obviously we can not forget about LTC/CNY, which as previously noted has broken out of its major triangle, with tight bbands on the 1 week. Here is the 1d zoomed in, yesterday we came back down and made the descending trendline support, although the body was bearish. But, we are real close to horizontal resistance at 28.6 CNY, so a rally here in both ltc/cny and ltc/btc seems plausible: imgur.com/a/7BHvv
This chart is the 4h zoomed in, looks like it must break one way or another, and there are only two more candles left before the 3d closes tn. Could get a big move.
Obviously we can not forget about LTC/CNY, which as previously noted has broken out of its major triangle, with tight bbands on the 1 week. Here is the 1d zoomed in, yesterday we came back down and made the descending trendline support, although the body was bearish. But, we are real close to horizontal resistance at 28.6 CNY, so a rally here in both ltc/cny and ltc/btc seems plausible: imgur.com/a/7BHvv
Comment:
Further, a rally over the next two 4 hour candles would also create a very bullish candle formation on 1d chart, all good things to consider as we close the week out.
Comment:
While the 3d did close bearish, interestingly enough the whole day the actual ratio of ltc/cny to btc/cny was around .00528 yet the spread on the pair of ltc/btc was .00523-.00525 or so...in hindsight this may have been a nice paint job, anyway, the 1wk candle is more important and closes tn. As I mentioned earlier today: twitter.com/btc_joe/...s/800365108803170304 LTC/CNY made prior resistance from its big triangle support while BTC/CNY crashed on the Segwit delay news...which is very relevant to litecoin. This caused a big reversal in ltc/btc, still 5 more hours till closing tn but this is a VERY good sign. The fundamentals and charts (barring a very unlikely collapse next few hours) both seem to say the bottom is finally in and we can get this party started.