Bullish flag on LTC, Let's see what it does! Also supply zone ahead.
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Also a resistance zone, forgot to mention that!
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Ethereum analysis
Neo analysis
Bitcoin analysis
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BTC, ETH and LTC all in process of making bullish flags! Identify the correlation patterns and use those discoveries for trading/investment ideas! :)
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LTC UPDATE!
Price found resistance and retraced back to the $62-63 area. Why was price rejected? There's a couple of confluence points:
- Previous Resistance zone. - Bullish Flag completed. - Price made it to the 1.618 extension and fell. (Popular Take Profit level!) Make note that all of these points occur around the same zone which indicates a high probabily of rejection!
slowly getting my head around reading charts to the point where, as of yesterday ive began buying/selling based on what i see. I have an issue though.
On the 1 minute, 30 minute and 1 hour chart the MACD and RSI are on an upward trend
On the 4 hour chart the MACD and RSI are showing the opposite
The one hour volume indicates selling, yet the candles on the 1 minute, 30 minute, 1 hour and 4 hour are all showing green with the price rising steadily.
My question is which time frame/s do you primarily use as an indicator whether to buy or sell?
Goztrak
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@mooneymoonman, The only indicators I personally use are RSI for divergence and overbought/oversold status and some EMA's (not that often, just rare cases).
My main decision of buying/selling is based on:
- Price action
- Support/Resistance
- Demand & Supply zones
- Fib levels
- Harmonic patterns
- Trendlines
-...
Timeframes vary but nothing lower than 15min. My main analysis is often on 4hour or daily. I use the weekly and monthly timeframe to spot strong zones such as demand/supply zones where price reversed heavily and usually enter trades on 1h or 15min.
These are some of the confluence points I try to look for before entering a trade. Hope it helped!
RBmooney
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@Goztrak, thanks for the response, very much appreciated. btw, you dont believe BTC's little stumble had any bearing on LTC? They seem to fall in unison.
Goztrak
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@mooneymoonman, To be honest I'm new to the crypto market and still learning and observating relationships between the currencies much like in the Forex Market. With that said, I'm very sure that there's some kind of relationship between the two yes but I can't tell you with certainty what it is yet.
RBmooney
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@Goztrak, ive only been involved in this market since August myself. I learn something new nearly every day.
An0nym0us
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@mooneymoonman, the Big 3 typically move in unison. Other alts tend to fall when BTC rises rapidly and rise when BTC rises moderately. Major events will often cause a given coin to break off from the herd though. These aren't givens, just probabilities. This time around ETH fell with BTC/LTC in the wee hours, but it drove up above the starting point of the drop today whereas BTC/LTC haven't made it back yet. The more bullish sentiment towards ETH is likely related to the fork.
On the 1 minute, 30 minute and 1 hour chart the MACD and RSI are on an upward trend
On the 4 hour chart the MACD and RSI are showing the opposite
The one hour volume indicates selling, yet the candles on the 1 minute, 30 minute, 1 hour and 4 hour are all showing green with the price rising steadily.
My question is which time frame/s do you primarily use as an indicator whether to buy or sell?