How are you?
Trading for few weeks now and trying to recognize pattern.
This formation looks like it could end up as a double bottom .
Does anyone agree?
Trading for few weeks now and trying to recognize pattern.
This formation looks like it could end up as a double bottom .
Does anyone agree?
Appreciate you ask me with the little knowledge I have.
On the last bottom, LTC rebounded from the trendline(red line) and just stopped before crossing the main trendline(yellow line) from december(that scenario would been really bad, leading to panic and a big sell off).
LTC is trying to break (and wants break away from BTC) the resistance at €158 that it tested already twice, so I guess i will retest that resistance.
If it breaks the resisitance, it could reach next resistance at €168 after going sideways for consolidation.
If it doesnt we might have a triple top which(same as few days ago that led to the dump), if i understand correctly will lead to a drop of the price.
At the same time, the candles do not show any wicks(HL or LL), so I assume there is little bear pressure. Mostly all the blue candles wicks are filled with the next body candle but still didn't fill the ones from previous top few days ago.
On 4h, CCi is about to be oversold
TSI is above 0 and volume is not here which means it is loosing momentum for a rise.
Additionnally, BTC (aka the King) is a heavy weight on LTC (aka the Prince) and forces LTC price to remain low in order to be aligned with it.
I do not see yet any pattern as HS or C&H and I haven't figured out yet the inbred pattern
So i think LTC can retrace €145-150 for consolidation and as a price that people will remember and then keep rising to the next resistance.
I appreciate any feed back.