LTC: Back into the Equilibrium again
In our previous analysis, we had looked at the potential of an Ascending Triangle on the Daily:
=> Result: LTC faked-out with 5%, giving plenty of time to either take profit, or close your position in break-even. Since then, we have returned back into the previous Equilibrium range, which we can nicely see with drawing out the S&R lines on the 4H:
If the bulls can manage to hold 4H higher lows at $132, we can expect them to move towards the ceiling at $140 again. On the other hand, if they break the bottom support, we'll have the change to go towards the last bottom support of $125-27, before the EQ will be broken.
We have definitely decoupled from BTC, who is currently breaking higher in USD, that means automatically weakness in LTC/BTC:
=> The bulls showed no reaction in that previous EQ zone as you can see. Nonetheless we're approaching a huge S&R zone on the Weekly with 0.011, which definitely should see some bounce from the bulls:
Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Are you an 'illiterate in charting'? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
=> Result: LTC faked-out with 5%, giving plenty of time to either take profit, or close your position in break-even. Since then, we have returned back into the previous Equilibrium range, which we can nicely see with drawing out the S&R lines on the 4H:
If the bulls can manage to hold 4H higher lows at $132, we can expect them to move towards the ceiling at $140 again. On the other hand, if they break the bottom support, we'll have the change to go towards the last bottom support of $125-27, before the EQ will be broken.
We have definitely decoupled from BTC, who is currently breaking higher in USD, that means automatically weakness in LTC/BTC:
=> The bulls showed no reaction in that previous EQ zone as you can see. Nonetheless we're approaching a huge S&R zone on the Weekly with 0.011, which definitely should see some bounce from the bulls:
Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Are you an 'illiterate in charting'? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Related publications
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.