btc_joe
Long

Litecoin Cup and Handle pattern

OKCOIN:LTCCNY   Litecoin / Chinese Yuan
290 18 7
14 days ago
Welcome to the Litecoin Bull Market. Will update soon with fundamental analysis, and closer up details.
14 days ago
Comment: 1 day chart analysis
14 days ago
Comment: 1 day chart analysis:
LTC/CNY
14 days ago
Comment: 4h chart analysis, there are literally 3 cup and handles at different time frames here which is quite a bullish fractal phenomenon:
LTC/CNY
11 days ago
Comment:
LTC/CNY
9 days ago
Comment: All dips continued to be bought during the btc breakdown...
LTC/CNY
8 days ago
Comment: ...
ltc/cny
dub00 PRO
14 days ago
it shows that LTC is still following btc, just in a messy and horribly delayed fashion
+2 Reply
dub00 PRO
14 days ago
ltc is the sadomasochists tool; it gets there in the end, but not without excessive pain
+1 Reply
btc_joe dub00
14 days ago
@dub00, couldn't agree more, ltc loves the principle of inflicting the most pain on the most participants possible before going up. I certainly have felt the pain and been fooled a few times before, but I am glad I did not get shaken out because it seems like we are finally ready (hope I didnt just jynx it haha). With lots of the hype dying downi various other alts, and segwit likely delayed in btc (and *possibly implemented first in ltc!) I think the market is about to begin to appreciate how undervalued ltc is at the moment. Will touch on this in more detail with an update soon, anyway time will tell : )
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btc_joe dub00
14 days ago
@dub00, sentiment over the last few weeks definitely feels like that of the end of a bear market : ) Feels similar to if you said btc was going to go up in January 15 after such a long downtrend.
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phreakage
14 days ago
my good man! I used to follow you, but this fixation with LTC is just enough for me. Unfollowed you... sorry. Hope that you get your LTC at $50 again. Bye!
+1 Reply
btc_joe phreakage
14 days ago
@phreakage, I can't fault you for that, I do have a strong believe in it or at least that it has one more bubble left in store, I know many don't love ltc and I can't blame them for that. Appreciate the respectful comment as opposed to some other trolls out there, anyway long term trade but certainly could be wrong. Best of luck to you and in your trades.
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The_Tokenator PRO btc_joe
13 days ago
@btc_joe, LTC to the moon!, i'll follow you
+1 Reply
btc_joe The_Tokenator
13 days ago
@The_Tokenator, Thanks bud, been wrong a bunch in the past but improving my analysis and feel much more confident about this one!
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Jaqen btc_joe
12 days ago
@btc_joe, You've been feeling confident for way too long, you're too biased to be charting this, first get out of your position and then try again, it will be interesting to see how you chart it without holding a huge bag ;) (no offence)
+1 Reply
btc_joe Jaqen
12 days ago
@Jaqen, haha none taken, very valid criticism, what I will say is that being biased does not *necessarily mean i'm wrong of course. And I believe my ta skills have improved a lot over the last year, my question to you would be, what would you say if this chart was posted by someone else? Or in other words, what specifically about this chart do you disagree with? I feel its pretty objective...of course charts are just charts and it could completely fail to come to fruition, but I actually would stand by this analysis regardless of the results, where as I may not have with past charts.
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Jaqen btc_joe
12 days ago
@btc_joe, To be honest, I don't see a Cup-Handle in this at all. I do see a Weekly BBANDS being tight as ..... I see a RSI bending upwards after a rounded bottom, I see a weekly price-trend being broken on OKCoin and retested and bouncing of off it, I see a weekly Stoch_RSI thats trying to curve up again allthough it was already pretty darn high, I see a weekly MACD slowly turning into its 2nd slightly bigger green candle, I see the 50-100-200 EMA over the entire range coming together as support, I see Fisher on ratio showing a potential upwards move while ratio was/is dumping, I see OBV on LTC.CNY gaining strength again after the dump from the 40.5 CNY Rally. BUT! I really really do not see this Cup-Handle you're trying to point out on the weekly chart ;)
+1 Reply
btc_joe Jaqen
12 days ago
@Jaqen, Very insightful answer thank you, most of what you mention I have covered, but I sense a strong disagreement with the "cup and handle pattern" lol. So okay, maybe that was a presumptive analysis but theres a lot more to the chart than that--definitely open to being schooled on why its not technically that pattern, I claim no expertees here...I do understand that in general it is a continuation pattern as opposed to a bottoming pattern, so is that what you are getting it? So maybe call it a rounded bottom with some nice long consolidation after (white lines which make a triangle) but in my defense, had I zoomed out going back to ltc's inception, maybe one could view it as a cup and handle? Again will defer to you here.
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Jaqen btc_joe
12 days ago
@btc_joe, I could only see it forming where i've drawn the pink lines http://i.imgur.com/j4urKl1.jpg *(excuse my MSPaint skills), but i can't even get myself to see the pattern where you've drawn it. The reason why I don't see this being a cup-handle pattern even on my pink lines is because after we've breached weekly resistance on bbands this tight, IF .... IF we go up it would be a sudden strong move, not a nice smooth continuation of that handle. But then again, it all depends on the BTC movement, it could close as a handle where i've drawn the pink line, but just not where you've drawn your blue cup.
+1 Reply
btc_joe Jaqen
12 days ago
@Jaqen, I agree my cup looks pretty retarded, i was rushing when making the chart and am not very familiar with the trading views tools yet, this is what I was going for and you will have to excuse my paintbrush skills as well LOL, but anyway I guess you would call this a rounded bottom. My thinking was how it appears in a long term chart of ltc since inception and maybe that would qualify...or maybe not. Unfortunately I can't show you what I mean because tradingview only has data dating back to 2013. In terms of the shooting part up, I totally agree *if we break up, it will prob be a strong quick move, the only reason ns exactly why that part would disqualify it from being a cup and handle, but something is prob lost in translation here.
ltcbtc
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btc_joe btc_joe
12 days ago
@btc_joe, I guess in your "smooth" part you mean that it would take a few more weeks to consolidate in the handle before exploding? That sorta makes sense to me, but I was under the impression if for instance we have a big parabolic 1 week cnadle that goes above 55 cny or what have you...could still be seen as C + H, but I wont fight you here : )
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Jaqen btc_joe
12 days ago
@btc_joe, myeah, no ... a cup-handle is a continuation pattern, you have to reverse into a bullish pattern before you can get one imo. You're trying to find it while it was still in a downtrend. I do see a Adam-Eve bottom (red) which then could turn into a cup-handle (pink) afterwards http://i.imgur.com/8C0DlZv.jpg
+1 Reply
btc_joe Jaqen
12 days ago
@Jaqen, even if you were looking at log chart (1 week) dating back to inception like this: http://imgur.com/a/WHQO4 ? I guess the handle is too long? Okay, I do see the Adam-Eve, further cup and handle, interesting.
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btc_joe btc_joe
12 days ago
@btc_joe, Eh nevermind I see what you are saying, not a cup and handle, I'm reaching. Thanks for the constructive criticism
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