(I'm a newbie) Analysis of LTC EUR - Kraken - Renko - Daily
Just learning and sharing so I can get some constructive feedback on what I am seeing and what I am not seeing in my chart analysis. If you think I am insane, that's cool. Just be sure to tell me why so I can learn :)
I am doing my best to keep things simple and follow solid trends and retracements keeping trading/market psychology in mind.
I made this analysis using Renko bars to get stronger trends on average price action. I used the green time span circles to get an idea of how the price action moves the market along and better understand where I might be able to find buy-in and take profit points. On the main chart, I pulled the time cycle from the beginning of the first large wave to the centre of the peak to get my estimated time frame for when I can expect the peak of the following wave.
In the RSI, I pulled a fib retracement from the all time high in the RSI around the beginning of 2018. This showed me that all subsequent peaks in the RSI "uptraces" to the .5 on the fib. On the most recent wave in the RSI, I pulled a fib from the peak to the newly formed low - this showed me a that all previous peaks lined up with the .618. Using the time cycles tool, I identified that the predicted peak I created on the chart lined up exactly with the predicted peak on the RSI.
I am doing my best to keep things simple and follow solid trends and retracements keeping trading/market psychology in mind.
I made this analysis using Renko bars to get stronger trends on average price action. I used the green time span circles to get an idea of how the price action moves the market along and better understand where I might be able to find buy-in and take profit points. On the main chart, I pulled the time cycle from the beginning of the first large wave to the centre of the peak to get my estimated time frame for when I can expect the peak of the following wave.
In the RSI, I pulled a fib retracement from the all time high in the RSI around the beginning of 2018. This showed me that all subsequent peaks in the RSI "uptraces" to the .5 on the fib. On the most recent wave in the RSI, I pulled a fib from the peak to the newly formed low - this showed me a that all previous peaks lined up with the .618. Using the time cycles tool, I identified that the predicted peak I created on the chart lined up exactly with the predicted peak on the RSI.
Comment:
Checking back to other candles for comparison, I see candles closing well above the first fib resistance line. Looking sexy for future movement up on my analysis.