I posted two Litecoin scenarios yesterday on the 2H charts, Bullish Pendant or Ascending Triangle. It's taking on the form of a Bullish Pendant and currently following yesterday's outlined trajectory. It touched on the first buy opp target very briefly (6 one minute candles) before climbing back up. Reverse to the downside was expected once top of leg touched but...
updating this mornings chart
you can see we broke out of the bearish head and shoulders and now breaking the bullish W pattern line. if we close a 1h above the purple line and your impatient you can get in here with a small bet and add margin if we break the white line ATH.
we had decent volume breaking out the head and shoulders and we need to continue to see...
this chart is showing a few different patterns i deem bullish. higher highs and higher lows as well as rising volume and a bullish snap back candle off a longer term (12/27 high) support.
also maybe bounce back to fill in the head and shoulders neck line. if so that is usually bearish pattern.
i would be cautious trading this market ... unexperienced traders...
same pendant trade now seeing a breakout.. i will not trade as the volume does not support it. if we get a retest of the support and a volume breakout you can consider getting in then.
***im not a professional i just do this for fun****
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same chart as before but cleaned up the trends that are no longer viable.
we can see at bottom around the 27.8K level and now a nice rally to retrace the upside. ill be looking for a W pattern with a higher low developing on the 1H candles before i look to get back into a LONG.
also keep in mind the long wick down on the 4am 1h candle is very bullish . lets see...
same chart as before as you can see the trends are holding nicely and it seems we may have a W pattern forming. i will be looking for at least hourly candle close above the neck line to feel bullish. if confirmed with volume you can get in there or wait for a retest of the neck line with a bounce off with large volume for confirmation.
let me know what you guys...
this chart shows the trends i been plotting for couple hours now. they have all been holding.. updated the chart to be cleaner and with a legend .
*im not a professional just sharing what i see***
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adding a tip of the day :)
do not trade until your candle is fully closed.
providing my take on possible trend lines for btc at this time ( 1/3/21 @ 17:00 EST)
lines are labeled by color.
***im not a professional this is just my take of the current situation***
This is not investment advice but is intended for educational purposes. Just a study of chart patterns.
Chart patterns for educational purposes:
YTD AND DAILY
Study: Pendants and Bull and Bear Flags; Breakouts; Stage Analysis; Volume
Ethereum looks to be in stage 2 uptrend
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Just an idea, not a signal
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