This is an update to my previous chart where I accurately predicted the LTC breakout a day previous found @
Key Notes:
Our first test will be @ the 260 resistance, if we successfully break through its a clear shot to 291, at which point I expect some profit taking to kick in. If we manage to clear that, with the exception of some crazy bitcoin downward action, we should be clear to enter back into the 350's and above.
If this chart receives 15 likes I will continue to update it.
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We saw a breakdown on the 2-4 hour charts overnight as the RSI caught up and began reaching the overbought area.
The lower timeframe charts are starting to pick up momentum slightly again, but by no means with significant force. We should have a better idea within the next few hours whether we'll be trading sideways, up or if we will see a retest back to the low 240's or even mid 230's.
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It looks like we're consolidating and a pennant has formed, I'm expecting a breakout within the next day or so.
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Look for buys around the 234 resistance
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Watch the 234 resistance closely, we want a strong bounce from here to continue the uptrend, trade carefully.
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Target still good, expect a breakout anytime. I will evaluate when we reach the 280's area.
交易结束：到达目标
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Target reached, going beyond, will do a new TA soon.
I dont understand this chart, why did you add all the studies when its not part of your argumentation ?
Are you playing around with them to learn more about TA or shuld I be able to read what is obvious in the studies ? ( I myself am not exprerienced so I am just asking out of cusiosity becaruse I rarely see cahrts with so many on them and want to learn more )
@KristianMortensen, Thank you for the question, these are my normal indicators I use to trade on a daily basis, the squeeze momentum overlay I utilize for alerts, however visually, I prefer the UCS Sqz OPT, these indicators are the same thing. They essentially represent bollinger bands and keltner channels, and can indicate when volatility or price volume is about to enter a market. A good video explaining TTM squeeze can be found @ youtube.com/watch?v=lbmUfauTGkU
The wave a/b/c indicator, I am only interested in the wave c impulse, as a result A/B are turned off in this indicator. In terms of this, we're interested in the wave C being above 0, as combined with TTM squeeze, this indicated the next price volatility will be upwards.
RSI / MACD I am assuming you are aware, VFI is "volume flow indicator" and it can present patterns based on volume instead of candlesticks, which if accurately read can allow for early entry into markets before moves are made.
WWV is "Weis Wave Volume", again, another volume indicator which is very popular, you can find more info @ weisonwyckoff.com/weis-wave/
Coppock curve is more of a long term trend analysis, generally, anything above 0 represents a buy signal. More traders have been utilizing it on shorter end charts, frankly however, I find little value of it for anything under daily charts, however it is an indicator I use so I just left it on there.
Hope that helps clear up some of your questions, long story short, I just didn't hide them.
KristianMortensen
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@ant187, Thanks a lot for your explanation, I will have to read up on some of these, sounds interesting.
ant187
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Target still good, expect a breakout anytime. I will evaluate when we reach the 280's area.
nicktsou
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I like your strategy with the resistance levels. Seems reasonable.
However, i am not sure if LTC is the right coin to gain profit from short-term trading (i mean there are so many altcoins for quick and generous profit...)
The best plan for me is to buy LTC under $250 and then just wait a few months (2-3 months max) to see your investment doubled.
tokens24.com/coin/litecoin/
However, I like your thoughts and I will keep on reading your analysis!
Good work!
ant187
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@nicktsou, Thank you for the compliment, much appreciated!
I do agree there are plenty of coins to make quicker money on, I've got a busy month ahead of myself so I've been looking for something with a bit longer of a hold, I feel we're at the bottom, or very close to it with LTC (but who knows we may be in for one more dip here).
Thank you for your comment and wish you the best of luck trading!
Ibrahimdmrkl
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why would you sell it at 291 tho ?
ant187
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@Ibrahimdmrkl, It's individual preference, I've been selling at the 256-258 resistances the past two days and re-buying lower accumulating more, 291 should prove to be a fairly hard resistance so we should have a decent dip following it which would provide a re-buy opportunity. Obviously you have to analyze the market at that time before making any decisions.
First thing first however, we must break 259 resistance.
xleratehighlander
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Looks good. I hope we do get to some bitcoin downward action but not before we hit 290. I would like to sell at 290 and make some profit before it taking off again... But your triangle prediction looks good, many others have suggested the same..
Are you playing around with them to learn more about TA or shuld I be able to read what is obvious in the studies ? ( I myself am not exprerienced so I am just asking out of cusiosity becaruse I rarely see cahrts with so many on them and want to learn more )