Following yesterday's 10% swing LTCUSD has formed a larger diamond as predicted. If you followed yesterdays idea you caught a 10% swing and now a setup for larger 15-25% swing looks to be forming.
Inside of the diamond are mixed chart signals including a potential descending triangle forming and a potential inverse head and shoulders.
As price action nears the APEX of the diamond, watch for a breakout of the Diamond and confirmation of either a bottom or a half-staff continuation.
Price targets on chart for breakout in either direction.
Breaking up out of the descending triangle before it forms would be a preliminary bullish indicator. A move to the upper trend line would further support the bullish scenario.
Moving down to the bottom trend line of the potential descending triangle would confirm the pattern and support a bearish scenario.
Testing 120 again, might take profit here for another 3% gain.
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Breakout...
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Two 4k+ LTC buys back to back on GDAX. Expecting a test of the larger diamond tip around 126.91 here. Will review MAs and ICHI clouds for other interim targets. snag.gy/8EJRvI.jpg
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Currently hitting 26ema on the 2 hr.
Have ICHI could resistance on the 30 just short of 125.
Past resistance in the chart. Otherwise, should be all clear to test the larger diamond upper tip.
Historically speaking, LTC pivots on 5 with 2.50 and 7.50 being battlegrounds. If bulls can't take 122.5, I would expect a pullback below 120.
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We're up 9% already but just a reminder, Tight stops are mandatory.
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Battling for the critical 2.50 pivot now.
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Bears rejected 2.50 . Not liking the potential gravestone on the 30. Really a horrible candle by itself. However, next candle could confirm trend reversal.
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Gravestone turned into a potential evening star. I might to take profit on the next pump here and look buy back in below 120.
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Back to an doji. Trade still active watching price action to see if bulls will continue up.
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Little pump... this candle is fine. Indicates upward continuation.
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Bulls pushing toward 2.50 again...
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2.50 taken.
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15 and 30 minute indicators show pump is getting overheated. 1 hour has a little room to run. Following with a tight trailing stop to take profit here.
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Trade closed: stop reached
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Stop hit at 123.25. Nice swing trade from 116.25 there for 6% profit. Watching price action here for further direction.
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Bad timing... Look at that pump...
Trade active
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Needless to say trad active again. Back in at 124.
Trade closed: stop reached
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4 dojis in a row on the 15. Clearly undecided. Make your own decision here... Personally closing out for a small loss at 3.5
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Watching the 2.50 pivot here for a decision.
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Hit right between the 30 min ICHI cloud target and the diamond tip. Bulls gave up the 2.50 pivot.
Trade active
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Immediately taken back. Long 122.5
Trade closed: stop reached
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Exited at 122.99. Frustrating. Chop time I suppose.
Trade active
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Long at 2.5 again
Trade closed: target reached
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Exiting here.
Trade active
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Long here at 118.20, per usual tight stop.
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Up $2 so far...
Trade closed: stop reached
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Stopped out at 120.
Trade active
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Re-entered at 119.44
Trade closed: stop reached
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This could lose ground quite fast.
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Local target on the downside drop is 8.53 from 117.27 to 108.74 if the bulls do not show up here and support 117. On such a down swing, a test of the inner diamond tip red lines at 112 and 109.27 can be expected.
Another scenario is continue to chop sideways between the 117.5 and 122.5 range until there is decisive breakout in either direction, making shorting here risking. Likewise, going long is also risk because the bottom can easily fallout from under 117 support.
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Likely scenarios....
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Going to make risky play and go long at 117.10 to play a back test of that trend line. Tight stop required because bottom can quickly fall out.
I suspect I 'll get stopped out.
Trade closed: stop reached
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Stopped out at 7.5
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Didn't realize, but visible on the 1 minute, already back tested that trend line once.
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LTC has now consolidated into a larger diamond. Price still fell out the bottom and TPs from the original diamond remain unchanged. We could be seeing throwback or pullback, but breaking the tip still remains final confirmation.
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Looks like we have a falling wedge after that bounce pointing to 112. Note the price action is based on very low volume, result of asks being pulled on low volume buys -> snag.gy/t7mGpN.jpg
Watch for a breakout up on BTC,hitting the red line would be a nice resistance point and could form a nasty local head and shoulders.
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LTC appears to have fell out of bull pennant is back testing now.
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BTC... 15 min:
And in better detail..
Trade active
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LTC long 115.5, with tight top. BTC breaking out of diamond upward...
Trade closed: stop reached
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Stopped out at 116.99. small 1.25% profit. BTC has failed to reach its Diamond TP, so pull back expected.
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LONG 116.25, tight stop
Trade closed manually
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Taking profit at 188.8, just before our previous diamond tip. Will buy back in if resistance break.s
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LTC TP here should be over 120. But we have resistance tips at 188.83 and at 191.71. Expect a pullback.
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Perfect hit. Not sure how much pullback we will see, Bulls are buying aggressively. Rather lock in 2.25% profit instead of taking the risk. Would not be surprised to see this continue up though.
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Bulls broke through first resistance after 5 minutes of trying. Should hit 1 hour cloud resistance, then larger diamond resistance over the next dollar.
Putting in a lower limit order to catch a dump. Will buy back if we break trough the resistance.
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Bulls put up a very large buy wall (8K) on gdax starting 188.83. Don't think they plan on giving it up.
Hitting second TP now at 119.73
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LTC Dump right on target as expected. Expected it to be larger....
BTC also maybe putting in a rounded top short of 7k after breaking out if its bull flag.
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Looks LTC bulls and bears will battle over the 118.83 - 119.73 range here.
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GDAX buy wall being pulled. Bulls look prepared to give it up as BTC continues its pullback.
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Bears dumping into the buy wall. Keeps getting lowered and put back. Appears bulls will support it to an extent and imagine they will let it go if sell volume gets to high. Contemplating buying back in here with a tight stop.
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Long 118.86, if nothing else maybe we chop sideways for a few $1 scalp.s
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GDAX buy is indicative of a Whale using a bot to cost average in buys.
BTC Back above 7k... needs to first hold and then start climbing toward the 7250 diamond Tip and LTCwill start running...
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Not looking good for BTC, below 7k again.
Trade closed: stop reached
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Red candle on the hourly here would have bearish implications. LTC needs to close it green.
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LTC just made the hourly candle pattern bulls didn't want to see.
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Potential Scalp: BTC and LTC has formed Descending Broadening wedge. Trade rule is to buy the 3rd touch and target Point (A) where the descent began with and 83% success rate. thepatternsite.com/dbw.html.
It would appear the 115.5-116.5 area might where this touch might occur.
Going to long a small position here because looking at the charts we may have had 3 touches going by candle bodies as opposed to wicks.
Trade closed: target reached
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Target hit. 1% gain but it adds up.
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LTC has fell out of a local rising wedge, and is heading for the neckline of a local head and shoulders. TP on the HnS is 113.7 but previous support at 115 should hold. It is also possible that the neckline holds. Possible bounce areas highlighted.
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Correction: Local Ascending Broadening Wedge, not rising.
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If LTC breaks down this scenario could playout....
Trade closed: target reached
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AWB Scalp targets hit. Nice 2% gain there.
Trade active
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LTC long again at 119.1 with tight stop.
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Looking for a breakout on an ihs. TP would be 129.5, but we have a few resistance points along the way.
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BTC is currently bull flagging inside a diamond with with an upper TP of 7420.1 and a lower tp of 6558.1.
Additional BTC has broke out of an inverse head and shoulders with a target price 7645. Past targets and resistance still in place.
Trade closed manually
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Locking int a 2% profit here. LTC has formed a rising wedge and indicators say its time for a little bit of break. Will Target an MA to buy back in cheaper.
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Good timing. Hitting that wedge line. Would like to see it fall out here to fell safer about going long though....
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Hitting the 15 ema 26 at 191.51 right now which is a good bounce point. Ideally, a pullback to the black trend line. But would rather take the $2 increase instead of risking it. However, we can pull back further.
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Sill over cooked on the 30 and 1 hour TFs. Might play some more chop to pick some extra coin but that risks selling and having to buy back higher. Watching price action.
Trade closed manually
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Took a little under 1% profit. Hourly candle doesn't look good.
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Down it goes. Gonna let this cool off for a bit here, indicators over heated and look for potential support for reentry. 118.83 or low 119 might do the trick depending on how aggressive the selling is or isn't.
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Going long at 118.8 with tight stop after bouncing off the 1 hour 12 ema.
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Tapped out at 118.99. Looking to rebuy lower
Trade closed manually
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Taking profit at 119.99
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LTC is forming a local diamond similar to a previous fractal. Will be watching for a breakout.
LTC bouncing off diamond trendline. Still risky to trade. Playing that bounce, use a tight stop
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LTC nearing first decision here...
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LTC has made first decision... Down
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LTC Potential falling wedge also broke.
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If this holds the trendline would establish an ideal uptrend channel.It is competing against the diamond and local head and shoulders the price just fell from.
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Failed to hold. Chart pattern price target is 115.78. Resistance points along the way along with diamond tip right below it.
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Going long at 117.7 Potentially dangerous trade to catch, as a cascade of chart patterns could lead us back down to 110 if we don't get a strong bounce. Cover with a tight stop.
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Took profit at 119.73 TP. Buying back in lower.
Trade active
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Long at 119.2
Trade closed manually
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Took profit at 120.10, nearly 3% over last two trades. Should pull back to 118.8 for reentry
Trade active
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Long at 118.5, potential morning star reversal candlestick on the hourly.
Trade closed manually
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Getting out at same price. Reversal stick being invalidated.
Trade active
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Long at 118.1
Trade closed: target reached
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Another profit at 119.73 TP
Trade active
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Long 119.4, tight stop.
Trade closed manually
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Unexpected dump. exited on bounce back to 119.4
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Possible Dump incoming...
LTC at possible top of right shoulder of an HNS. A few cents down would make a graveyard or a possible evening star on the hourly
Mean while, BTC has a potential graveyard on the 30 minute, which may also double on the hourly and maybe completing a triple top.
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Watching this hourly close for confirmation.
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Correction: Gravestone, not graveyard.
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LTC long... LTC should be a hold here as long as it stays above this trendline. Breaking it would imply a TP of 110.
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If LTC breaks this trend line it will form an ascending broadening wedge.
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LTC and BTC TP1 hit.
LTC has broke the diamond TP 126.91. On upward continuation, it should find resistance at 130.02 as it moves toward the 133.23 inverse head and shoulders target and on toward the major diamond target at 144.55
BTC has hit its local diamond TP at 7420.
BTC is now inside a rising wedge and if it continues up should move toward the inverse head and shoulders target price of 7645. On upward continuation it should move toward its diamond price at 8005.
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Upper channel trendline hit. Bulls could take a break here.
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130 broke... On to inverse head and shoulders target.
Trade closed: stop reached
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Stopped out hear at 130.12.
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15.5% profit on this swing here. Even more with scalping along the way. Will watch price action here. I may close out this idea and start a new one.
Trade closed: target reached
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Looks like bulls might keep going here.Going to watch price action and bear volume. Previous resistance points of 125.8 and 126.91 might be good re-entry targets if selling persists.
Trade active
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Scaling in buys between 128.51 and 125
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Looks like a local falling wedge has formed pointing back to the 126.91 previous resistance point. Typically, these will break up between 50-80% of the way through the pattern.
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Moved buys under 127 up and scaling between 127 and 129.
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Correction: Scaling between 127 and 129.5
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Larger falling wedge has formed, along with a ascending broadening wedge which indicates should eventually move back to at least 130.5. Unless the bulls or bears get aggressive here, this would be the expected price action.
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Bulls got aggressive. Normally ABW gets three touches.
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Larger Ascending Broadening wedge forming. If it pulls back it should touch the lower trend line a 3rd time and should move back to and break the point where it started at 131.35, and should move on to the inverse head and shoulders target of 133.2. Bulls however are being aggressive and bears have yet to unload. This is crypto though and anything can happen.
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Bulls kept going. Be on the look out for the following potential scenario: Inverse head and shoulders target hits, price pulls back and forms a diamond.
Trade closed: target reached
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Took profit at 133.2. Watching price action for re-entry.
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No diamond, just kept going. Next TP is 137.12, with one falling at 138.14. However order book suggests there will be heavy resistance getting there.
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Psychological resistance at 135 broke. Testing the 137-138 resistance now. Upon breaking should move to the 144.55 target.
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Took profit at 137.5
Trade closed manually
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Trade active
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Reentered at 135. Tight stop in case selling continues.
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Updating stop to market price (136.37)
Trade closed: stop reached
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Can't say for sure, but this is feeling a bit toppy. Protecting profits here.
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Dump avoided.
Trade active
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Scaling buys between 127-132.5
Trade closed: stop reached
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Trailing stop hit.
Trade active
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Long here at 131.8 with tight stop. A retest of the high should be in play. Head and should looks to be rejected buy we still need to make sure it doesn't bust.
Trade closed: stop reached
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Trailing stop hit at 134.70
Trade active
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Buy back at 134.
Trade closed: stop reached
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Trailing stop hit at 134.89
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Buy back at 134.05
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LTC being held up by BTC. Another chance to by a dip.
Trade active
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BTC wicking below its rising wedge trendline. Expect a pullback here if breaks.
Trade closed manually
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Closing out at same price. Gong to wait on BTC here...
Trade active
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BTC bouncing, long with tight stop at 133.5
Trade closed manually
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And there goes bitcoin again. Closing out before LTC follows.
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BTC fell out of the rising wedge to form a larger rising wedge. Looks like it still needs a little more down or sideways consolidation to establish an uptrend channel with parallel resistance lines.
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Would scale in buys here but BTC still not quite there yet.
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Quite possible just a little sideways chop.
Trade active
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Scaling in buys between 129 and 127. BTC shouldn't have much further down.
Trade closed manually
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Took profits at 130.14. Might bounce further but knowing LTC likes to retest lows, play it safe and catch the retest
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Going long at 128. Tight stop, sell-off may not be over.
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Scaling addition buys between 126.91 and 128. Expecting bitcoin to bounce between 7237.2 and 7250.
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Correction. Expecting BTC bounce between 7237.2 and 7269
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BTC bouncing. If it doesn't hold, i'll exit.
Trade closed manually
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BTC dumping, decent size sells too.
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BTC bouncing again, LTC formed a falling wedge. Watching for a breakout to go long.
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LTC long 128.5 on breakout.
Trade closed: stop reached
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Stopped out 130.98
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Looking for a diamond to form.
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Price targets for a breakout if a diamond forms.
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Price targets for a breakout if a diamond forms, with price lines.
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GDAX hasa little buy wall at 128.75 so a bounce there to could form this diamond.
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LTC and BTC on diamond watch.
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Fell out the bottom. Watching for a potential partial decline. Breaking 115.5 would imply continuation to 110.03.
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How low will she go... hitting 1.618 fib extension, but diamond target says 110.03 is the target.
Expecting a little dead cat and sideways chop here before more down, as LTC is hitting the 1.618 extension. Watching price action for a potential bottoming pattern though. Could be an opportunity for a scalp.
Trade active
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Going long at 114.5, for a scalp.
Trade closed: stop reached
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Stopped out at 115.1
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Trying to put in a local bottom here and price target a few dollar short of anticipated but the Jan. 20th pre-crash fractal overlaid on the current hourly could indicate we have more down here.
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Another view with Highs and lows better matched. Could get really nasty if this fractal plays out again.