I was a bit early on my prediction for the change of trend (see previous idea) but is seems Litecoin is headed for lower territory.
You may be thinking that's a lot of lines on the chart but they aren't random. Every line represents the relationship between time and price from a set price and range.
This is the square of the current all time high zoomed in to the current market movement.
The horizontal lines represent price pressure points to watch for support and resistance and the angles are all set points within the square, I haven't moved them to suit a theory.
What is important to watch here is the market reaction to the thick orange line and the light blue line.
Both of these angles are very important support and resistance.
If the market can break above the orange line and find support this will signal the return to a bullish pattern.
If the market breaks below the light blue line and finds resistance attempting to come back up it will signal the market to move much lower.
As you can see these two lines are on a collision course by the 15th.
My thoughts are we are headed back to the light blue line for a test around the 12th (red vertical line).
Ian - Aussie Gann Trader
You may be thinking that's a lot of lines on the chart but they aren't random. Every line represents the relationship between time and price from a set price and range.
This is the square of the current all time high zoomed in to the current market movement.
What is important to watch here is the market reaction to the thick orange line and the light blue line.
Both of these angles are very important support and resistance.
If the market can break above the orange line and find support this will signal the return to a bullish pattern.
If the market breaks below the light blue line and finds resistance attempting to come back up it will signal the market to move much lower.
As you can see these two lines are on a collision course by the 15th.
My thoughts are we are headed back to the light blue line for a test around the 12th (red vertical line).
Ian - Aussie Gann Trader
Comment:
It's on a Knife's Edge! If you look at the image below you will see the market fell to the lower blue line. This is the 50% pressure point of the 4th (15:00) to 6th (15:00) range. It's also very close to the 66% pressure point of my major square. The market then moved back up to test the descending orange line, a major point of resistance so far since the major high. The higher blue horizontal line is the 50% pressure point for the 29th to the 6th range which is also right around the 62.5% pressure point of the major square. So what does all this mean? Time ( the descending orange line) is forcing price to make a decision. Support at the 2 blue lines will be tested as this line continues. At the time of writing the range of the current bar is caught between these opposing forces. It is literally on a knifes edge. I suspect time to win out here which should see the price to fall back to the lower blue line...... until time catches up.