I do think a high time frame pivot has most likely arrived for crypto but I have to look at the price action of Litecoin and consider that it is printing a very limp ascent.
That doesn't mean it can't continue on up; sometimes these trends start ugly and it may well pop & roll (over) to then recover and move on up (yellow path)
I'm not saying that a pop & roll scenario will happen but rather that a limp ascent is not proof of significant bearish action.
With that caveat aside, I dont like this limp ascent and I dont like that LTC only made a slightly higher high that can be building bearish cause (liquidity sweeping upside shakeouts that lead to a larger downside move).
I also notice that LTC didn't quite reach the support @ $79.8 which is a significant liquidity juncture that the bots may like to reach (blue path).
So I'm all for some altcoin pumps but LTC has become one of the weaker looking coins - just in this area.
In high time frame it has tracked sideways for a very long time - and that is a reason I liked it and picked some up - because that sideways action can prove to be HTF bullish cause - similar to XRP before it pumped.
One last detail, is that it printed quite a significant Shooting Star in lower time frame (on chart). These whipsaws often punctuate a change in momentum - and bearish cause following that star may not be done yet.
So, I don't like this action and sold 100% LTC.
I may pick it up again - ideally if it re-tests support @ $79.7
This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.
That doesn't mean it can't continue on up; sometimes these trends start ugly and it may well pop & roll (over) to then recover and move on up (yellow path)
I'm not saying that a pop & roll scenario will happen but rather that a limp ascent is not proof of significant bearish action.
With that caveat aside, I dont like this limp ascent and I dont like that LTC only made a slightly higher high that can be building bearish cause (liquidity sweeping upside shakeouts that lead to a larger downside move).
I also notice that LTC didn't quite reach the support @ $79.8 which is a significant liquidity juncture that the bots may like to reach (blue path).
So I'm all for some altcoin pumps but LTC has become one of the weaker looking coins - just in this area.
In high time frame it has tracked sideways for a very long time - and that is a reason I liked it and picked some up - because that sideways action can prove to be HTF bullish cause - similar to XRP before it pumped.
One last detail, is that it printed quite a significant Shooting Star in lower time frame (on chart). These whipsaws often punctuate a change in momentum - and bearish cause following that star may not be done yet.
So, I don't like this action and sold 100% LTC.
I may pick it up again - ideally if it re-tests support @ $79.7
This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.
Nota
I'm noticing on TradingView that I receive more content from publishers that I BOOST / comment on and the algorithm seems to reduce my receiving content from publishers that I have not engaged with their threads.So hit the BOOST / comment if you want to receive more of my content, and obviously that also assists me in reaching more viewers 👍.
Nota
Big slump and it was good to exit.Of course it may chop but this has decent odds to make it back to support 👍.
Nota
Easily made it to support and then some. Now buying dips - see new threads 👍.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.