LTC BTC breaking up or heading down? Missed chance?
This chart has many lines. Let me explain my TA.
Looking at BTC /LTC trading pair we can see that we have been in a channel downwards. Within that channel has formed a smaller that looks like it could/could have broke out. There are different support levels within the channel that the price bounces between, as well as price levels that hold support and resistance. By drawing straight lines that touch bottoms and tops I have found that we are/were at a point where the trading pair could have broke out, best seen in the hour chart.
Since the MFI is heading down we can see that likely we are looking at the major downtrend channel winning. However it could still throw a candle within both channels. I will be hold all moves until after I see which channel wins and other TA support a move.
Lets learn something from these charts. The green arrows show different indicators. The Green arrows show the RSI/MFI pair reentering normal levels indicating a buy. We see 2 other buy signals by the BB indicating the candles have overextended and indicate a buy when they return to normal trading levels. Buying any or all of the signals would pay off when the MFI p off and it entered normal trading again at the red arrow.
We could still pop up but likely we are stuck going back down until a breakout up or down after the market figures out what is good.
Hopefully this helps.
Looking at BTC /LTC trading pair we can see that we have been in a channel downwards. Within that channel has formed a smaller that looks like it could/could have broke out. There are different support levels within the channel that the price bounces between, as well as price levels that hold support and resistance. By drawing straight lines that touch bottoms and tops I have found that we are/were at a point where the trading pair could have broke out, best seen in the hour chart.
Since the MFI is heading down we can see that likely we are looking at the major downtrend channel winning. However it could still throw a candle within both channels. I will be hold all moves until after I see which channel wins and other TA support a move.
Lets learn something from these charts. The green arrows show different indicators. The Green arrows show the RSI/MFI pair reentering normal levels indicating a buy. We see 2 other buy signals by the BB indicating the candles have overextended and indicate a buy when they return to normal trading levels. Buying any or all of the signals would pay off when the MFI p off and it entered normal trading again at the red arrow.
We could still pop up but likely we are stuck going back down until a breakout up or down after the market figures out what is good.
Hopefully this helps.
Comment:
Well, I logged in after seeing the price moved and all my trend lines are slightly moved. What issue is this TradingView!? I need to recheck and redraw every trend and support line I drew every couple of weeks because why? What is the deal and when is this crap gonna ruin my charts so I can plan or adjust accordingly... stupid.