LTC Daily – Price Exhaustion?
LTC Daily – Has LTC all but played out?
Technicals
-FEB 8, LTC formed a pole into a bull pennant and subsequent bull flag developing into an upper and lower trend channel.
-The top of the flag (solid green trendline) has 3-data points (confirmed) denoted with the 3-downward arrows.
-Orange Dotted Primary trendline is tracking long-term support, 5-data points (confirmed)
There are two Fib retracements; one long-term and one short-term tracking two separate volume distributions.
-LTC Price peaked March 7 and has been trading bearish ever since.
-POC is $44.63 for this dataset.
-Volume appears higher than in previous weeks, at least since FEB 8.
Conclusion
A catalyst has been responsible for moving the recent run in LTC and while the upper solid green resistance trendline is still holding as resistance the price action seems comfortable in the upper volume profile area with the HVN at $57-$58. As I type this price is falling a bit to the upper volume profile Value Area Low ($53.792) this level has held as support 2-times in the past 7 days. The upper channel appears to be exhausted and the price is seeking to find a home near $53.792. LTC is a running Bull – and that is obvious. There are only 2-data points using the extended wicks holding the primary orange dotted support trendline. If you're are interested in holding long, I would consider dollar-cost-averaging into LTC on the way down in the event there is another move to break north and hold prices in the upper volume profile.
Treading Ideas:
Long – dollar-cost-average into LTC with 5-percent of the total amount you have to invest and at every $3.00 point lower if price continues to fall. Set an extreme buy at $48.829 to catch a dump as it appears the lowest volume profile is not coming back into the picture any time soon! That would be priced in the 30-dollar range.
Short – No shorting ideas.
What’s Biff doing?
LTC has been somewhat of a surprise in the nice recent moves north it has been making. I will add if we can reach $53.00 and more if we fall to the lower HVN, around $44-range. This is speculating at it’s finest because this move is playing out 150-days before the halving. There is a way to calculate what the perceived value will be if this were to be halving right now. So, we are trading with the news but ahead of the reduction in total LTC market availability. It’s natural to believe LTC will continue to rise, but how high; unknown. I would guess we could see $100+ by the end of summer. We will see! I have alerts on all 3 trends in the channel. I am wary of a precipitous drop in the price of $10.00 with a quick recovery. This would shake a lot of people out. I will explain in another video where is the best place to set stop loss and why. I hope this helps!
litecoinblockhalf.com/
Best,
Biff
Don’t forget to hit that like and follow Biff for more charting fun and money-making opportunities!
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 have a 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 Nodes are peaks in volume at or around a price level.
Technicals
-FEB 8, LTC formed a pole into a bull pennant and subsequent bull flag developing into an upper and lower trend channel.
-The top of the flag (solid green trendline) has 3-data points (confirmed) denoted with the 3-downward arrows.
-Orange Dotted Primary trendline is tracking long-term support, 5-data points (confirmed)
There are two Fib retracements; one long-term and one short-term tracking two separate volume distributions.
-LTC Price peaked March 7 and has been trading bearish ever since.
-POC is $44.63 for this dataset.
-Volume appears higher than in previous weeks, at least since FEB 8.
Conclusion
A catalyst has been responsible for moving the recent run in LTC and while the upper solid green resistance trendline is still holding as resistance the price action seems comfortable in the upper volume profile area with the HVN at $57-$58. As I type this price is falling a bit to the upper volume profile Value Area Low ($53.792) this level has held as support 2-times in the past 7 days. The upper channel appears to be exhausted and the price is seeking to find a home near $53.792. LTC is a running Bull – and that is obvious. There are only 2-data points using the extended wicks holding the primary orange dotted support trendline. If you're are interested in holding long, I would consider dollar-cost-averaging into LTC on the way down in the event there is another move to break north and hold prices in the upper volume profile.
Treading Ideas:
Long – dollar-cost-average into LTC with 5-percent of the total amount you have to invest and at every $3.00 point lower if price continues to fall. Set an extreme buy at $48.829 to catch a dump as it appears the lowest volume profile is not coming back into the picture any time soon! That would be priced in the 30-dollar range.
Short – No shorting ideas.
What’s Biff doing?
LTC has been somewhat of a surprise in the nice recent moves north it has been making. I will add if we can reach $53.00 and more if we fall to the lower HVN, around $44-range. This is speculating at it’s finest because this move is playing out 150-days before the halving. There is a way to calculate what the perceived value will be if this were to be halving right now. So, we are trading with the news but ahead of the reduction in total LTC market availability. It’s natural to believe LTC will continue to rise, but how high; unknown. I would guess we could see $100+ by the end of summer. We will see! I have alerts on all 3 trends in the channel. I am wary of a precipitous drop in the price of $10.00 with a quick recovery. This would shake a lot of people out. I will explain in another video where is the best place to set stop loss and why. I hope this helps!
litecoinblockhalf.com/
Best,
Biff
Don’t forget to hit that like and follow Biff for more charting fun and money-making opportunities!
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 have a 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 Nodes are peaks in volume at or around a price level.
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