Hello traders ðš .
if you remember I had a complete idea about the LTC and now I want to update you about that idea and show you the possible scenario for the LTC .
let's look at the 3D chart :
in the 3D chart we can see that LTC currently is at the a very big triangle pattern which in my opinion in this case there is tiny probability for break below the monthly structure and finally break the triangle pattern to the down side , but why :
the reason why ; is hidden on the LTC/BTC chart :
in the chart above there are some interesting points which in my opinion could be explosive for the LTC price :
1_ in the weekly chart we have a very big falling wedge pattern and as you know the falling wedge pattern is bullishly bias pattern and means that market is bored about the current trend and the chance for trend reversal is extremely high .
2_ second point is related to first point because usually with the falling wedge pattern we have bullish divergence in the RSI value , which in this case is a enormous bullish divergence .
3_ if you look at the volume candles you can see as price get close to the corner of the falling wedge the volume goes up , in the other word you can say that as price drop during the pattern , the amount of the volume traded goes up , but what does that mean for us ?
when price start to drop without volume means that there isn't any major sellers in the market which means that the strong hands are keep holding and don't sell their coins and when price starting to goes sideway and at the corner of the falling wedge the the amount of the volume started to goes up this shows us that in this levels , there is strong hands . and in my opinion they are start to accumulate more and more because the falling wedge is a bullish pattern also LTC/BTC currently reached the ATL price and testing the important monthly support .
so these my 3 major reasons for being bullish on the LTC .
if you remember I had a complete idea about the LTC and now I want to update you about that idea and show you the possible scenario for the LTC .
let's look at the 3D chart :
in the 3D chart we can see that LTC currently is at the a very big triangle pattern which in my opinion in this case there is tiny probability for break below the monthly structure and finally break the triangle pattern to the down side , but why :
the reason why ; is hidden on the LTC/BTC chart :
in the chart above there are some interesting points which in my opinion could be explosive for the LTC price :
1_ in the weekly chart we have a very big falling wedge pattern and as you know the falling wedge pattern is bullishly bias pattern and means that market is bored about the current trend and the chance for trend reversal is extremely high .
2_ second point is related to first point because usually with the falling wedge pattern we have bullish divergence in the RSI value , which in this case is a enormous bullish divergence .
3_ if you look at the volume candles you can see as price get close to the corner of the falling wedge the volume goes up , in the other word you can say that as price drop during the pattern , the amount of the volume traded goes up , but what does that mean for us ?
when price start to drop without volume means that there isn't any major sellers in the market which means that the strong hands are keep holding and don't sell their coins and when price starting to goes sideway and at the corner of the falling wedge the the amount of the volume started to goes up this shows us that in this levels , there is strong hands . and in my opinion they are start to accumulate more and more because the falling wedge is a bullish pattern also LTC/BTC currently reached the ATL price and testing the important monthly support .
so these my 3 major reasons for being bullish on the LTC .
