LTC - Global and local trend
🦈Hello!
Today, we'll discuss a trading idea for 👨🦳#LTC from the #CryptoTop #Liquidity group. Before we begin, let's understand the global and local structure, determine the price direction, and identify the entry point. Let's dive into the analysis!🦈
⏺On the global chart, long-term trading is marked in pink.
⏺Local trading is marked in blue.
⏺The trading scenario is marked in yellow.
⏺Global analysis (tradingview.com/x/Kenurxyl/):
⏺The global resistance level is at $400, and the support level is at $33. The channel step is 1151%.
⏺The asset is in the accumulation phase, with important levels at $105 (accumulation resistance since 2022) and $50 (support), with a channel step of 111%.
⏺❗️It's important to note that a triangle pattern is forming on the chart, similar to the one formed in 2018-2020. This is confirmed by the numbers 1 and 2 on the chart, as well as the increasing lows 3 and 4, indicating price growth and aggressive accumulation.
⏺Local analysis (tradingview.com/x/aySPnxrB/):
⏺Two descending trend lines are drawn on the local chart. A square marks a fractal-like pattern before the price rise in 2021, with the difference that the asset's price has already broken the descending trend line and retested it.
⏺A possible scenario remains a decline to the $50 level or consolidation at the support of the global ascending trend line and a rise to the resistance of the descending trend line at +161%.
⏺Trading scenario (tradingview.com/x/QOtskHWZ/):
⏺On the daily timeframe chart, the $93.40 level is crucial, as the asset's price impulsively dropped to the local descending trend line upon breaking it and did not retest it.
⏺📈The $72 level has also been confirmed as support for this channel with a 60% step. The asset's movement is considered a global ascending trend, and the trading scenario will be active upon the price returning to support ($72) and breaking the local descending trend line. The local potential is 60%, and upon breaking the $105 level, a 60% move to the global descending trend line is possible.
📈If the asset's price does not reach the $72 mark and approaches the trend line, I will consider trading on the trend line breakout.
Today, we'll discuss a trading idea for 👨🦳#LTC from the #CryptoTop #Liquidity group. Before we begin, let's understand the global and local structure, determine the price direction, and identify the entry point. Let's dive into the analysis!🦈
⏺On the global chart, long-term trading is marked in pink.
⏺Local trading is marked in blue.
⏺The trading scenario is marked in yellow.
⏺Global analysis (tradingview.com/x/Kenurxyl/):
⏺The global resistance level is at $400, and the support level is at $33. The channel step is 1151%.
⏺The asset is in the accumulation phase, with important levels at $105 (accumulation resistance since 2022) and $50 (support), with a channel step of 111%.
⏺❗️It's important to note that a triangle pattern is forming on the chart, similar to the one formed in 2018-2020. This is confirmed by the numbers 1 and 2 on the chart, as well as the increasing lows 3 and 4, indicating price growth and aggressive accumulation.
⏺Local analysis (tradingview.com/x/aySPnxrB/):
⏺Two descending trend lines are drawn on the local chart. A square marks a fractal-like pattern before the price rise in 2021, with the difference that the asset's price has already broken the descending trend line and retested it.
⏺A possible scenario remains a decline to the $50 level or consolidation at the support of the global ascending trend line and a rise to the resistance of the descending trend line at +161%.
⏺Trading scenario (tradingview.com/x/QOtskHWZ/):
⏺On the daily timeframe chart, the $93.40 level is crucial, as the asset's price impulsively dropped to the local descending trend line upon breaking it and did not retest it.
⏺📈The $72 level has also been confirmed as support for this channel with a 60% step. The asset's movement is considered a global ascending trend, and the trading scenario will be active upon the price returning to support ($72) and breaking the local descending trend line. The local potential is 60%, and upon breaking the $105 level, a 60% move to the global descending trend line is possible.
📈If the asset's price does not reach the $72 mark and approaches the trend line, I will consider trading on the trend line breakout.
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