TheChartGuys

LTC Weakest of the BIG 3

BITFINEX:LTCUSD   Litecoin
Staying true to the last week+ of correlations, LTC is the weakest of the BIG 3.
ETH is the strongest with continuation to higher highs, BTC has a double top, and LTC has a clear lower high.
This has been the pattern for a long time, and while laggard plays are certainly a strategy,
I find that these crypto correlations benefit those who just play the strongest names bullish and the weaker names bearish.
This is a strategy I use for stocks often as well. Go with the visible momentum.
In the video yesterday I highlighted how even if BTC hit a higher high, because LTC has consolidated the most, it would be a laggard to the higher high following BTC. Recognition of how names compare is an important skill to have. I just use the chart visually and compare the time frames. You can also use the LTC/BTC ratio for some information as well.
Anticipating a 4 hour tightening range today with a break tonight to indicate direction of momentum to start the week.

Checkout our full trading resources online www.chartguys.com

Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.