LTC 4HR Biff's General [REALLY] quick Review!!
LTC – 4HR UPDATE by BIFF
Technicals
LTC is moving in a Bullish trend channel $5.00 wide.
Price is overextended.
Slight support at $56.60
Alerts on both upper and lower trendlines as well as all three long-term channels.
Conslusion:
LTC has been very Bullish and seems to want to hold prices above $50.00. Even with a natural pullback, support at $53.00 is quite possible. I am concerned that we have gone too far away from the natural trendline, in this case, the green dotted trendline. Whenever we seem to get too far from the natural trendline there appears to be a big move south. With such dense buying, the bullish trend may be here until we get to the $60.00 range. BTC-LTC is .83132 correlated. LTC’s correlation has been moving slightly away from BTC over the past week looking to seek its own price action. Great token thus far! LTC must hold the bullish trend channel.
Outlook:
BULLISH
I think this token wants to see $100 by mid-year. Even though we are in a Bullish trend, I need to see a natural price pullback to $53.00 or the .382 fib level to give serious consideration buying The problem with these cryptos is there can be a collapse and the price-action can fall 50+ percent which is why I preach buy on the trendline or wait for a pullback. But I really think we need to break this trend channel and fall to a reasonable level for a break.
Trading ideas:
Short trade:
No consideration for shorting LTC with current price-action. It’s just to be safe!
Long trades:
If you’re not in and looking to get in, consider buying LTC on the lower solid green trend channel. Only use 5% of you allotted investment so you can fix the trade if it moves against you! (I would wait for at least a pullback to the green dotted trendline.) Small postions ONLY.
Look to the orange dotted primary trendline for a possible entry point and then pray to the crypto Gods!
Extreme Trades
Enter extreme trade for a long position at $48.00(ish) and pray.
What’s Biff doing?
I have let most of my position go with just above 20 percent. If I were to consider dollar cost averaging in I would give consideration to $53.00 and as usual, prepare to continue buying at reasonable lows, thereafter. Please note it's not the chartist responsibility to tell you when to enter and exit a position but give you reasonable advice so you can use your judgment to make an entry. A chartist should NEVER be ambiguous as if the chartist has their own unexplainable technique and indicators. If the chartist does not, at some point, explain the indicators they are using and why they work best together then I would consider finding someone else who can clear up these ambiguities. Charting is not difficult, it just takes time and practice and with the right mentors, anyone can do it. In fact, trading view is a perfect example of that! If you want to try your hand at it let me know and I will review your work with a non-critical eye and an informative critique.
The charts listed below are still active, but have fallen off the radar -- please review them as some are very telling!
Please supplement this analysis with this chart!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Technicals
LTC is moving in a Bullish trend channel $5.00 wide.
Price is overextended.
Slight support at $56.60
Alerts on both upper and lower trendlines as well as all three long-term channels.
Conslusion:
LTC has been very Bullish and seems to want to hold prices above $50.00. Even with a natural pullback, support at $53.00 is quite possible. I am concerned that we have gone too far away from the natural trendline, in this case, the green dotted trendline. Whenever we seem to get too far from the natural trendline there appears to be a big move south. With such dense buying, the bullish trend may be here until we get to the $60.00 range. BTC-LTC is .83132 correlated. LTC’s correlation has been moving slightly away from BTC over the past week looking to seek its own price action. Great token thus far! LTC must hold the bullish trend channel.
Outlook:
BULLISH
I think this token wants to see $100 by mid-year. Even though we are in a Bullish trend, I need to see a natural price pullback to $53.00 or the .382 fib level to give serious consideration buying The problem with these cryptos is there can be a collapse and the price-action can fall 50+ percent which is why I preach buy on the trendline or wait for a pullback. But I really think we need to break this trend channel and fall to a reasonable level for a break.
Trading ideas:
Short trade:
No consideration for shorting LTC with current price-action. It’s just to be safe!
Long trades:
If you’re not in and looking to get in, consider buying LTC on the lower solid green trend channel. Only use 5% of you allotted investment so you can fix the trade if it moves against you! (I would wait for at least a pullback to the green dotted trendline.) Small postions ONLY.
Look to the orange dotted primary trendline for a possible entry point and then pray to the crypto Gods!
Extreme Trades
Enter extreme trade for a long position at $48.00(ish) and pray.
What’s Biff doing?
I have let most of my position go with just above 20 percent. If I were to consider dollar cost averaging in I would give consideration to $53.00 and as usual, prepare to continue buying at reasonable lows, thereafter. Please note it's not the chartist responsibility to tell you when to enter and exit a position but give you reasonable advice so you can use your judgment to make an entry. A chartist should NEVER be ambiguous as if the chartist has their own unexplainable technique and indicators. If the chartist does not, at some point, explain the indicators they are using and why they work best together then I would consider finding someone else who can clear up these ambiguities. Charting is not difficult, it just takes time and practice and with the right mentors, anyone can do it. In fact, trading view is a perfect example of that! If you want to try your hand at it let me know and I will review your work with a non-critical eye and an informative critique.
The charts listed below are still active, but have fallen off the radar -- please review them as some are very telling!
Please supplement this analysis with this chart!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
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