*New to posting TradingView* I've been using TradingView for awhile now & I have been trading cryptos/stocks for some time. I'm very enthusiastic about learning so constructive criticism is welcomed. With that being said, don't be a complete a**hole. As for now I am long
LTCUSD
& many other Cryptos, if you are short the crypto market, I welcome that. All opinions and ideas can be insightful. I welcome any kind of sarcasm and jokes too bc I like to have fun with this & this is a hobby of mine. Any insight & info about your own ideas are also welcome. I enjoy throwing ideas around w/ anyone who wants to educate themselves and get some gains. Enough w/ the preface of this message *YAWN*. Soooo bring the education & fun & lets make some profits!!!! ALSO, EXCUSE THIS HUGE LONG POST, I am wired on adderal and coffee right now. lol whoops, sue me. I'm just locked in!!!
Lets start off w/ a basic intro for the article/post. I feel there is a lot of eye wash (things that don't matter) or making the reading of charts a headache with a lot more clutter than there really needs to be. So I will try and show demos and illustrations that are easier on the eye/brain. For now I will be using basic trend lines and basic support levels while dabbling in certain patterns for example H&S and C&H & other info found and provided from other posters, but I will always give a shout out & make reference to any traders/sources that I use. I WILL NOT pretend that I know everything & I am better than so and so. BUT I do believe in using your resources & basing your own thesis on found and accredited info that you can use to help yourself. Back to what I was saying, I feel for traders that volume and price action are the 2 most important key metrics. And for Longer-term investors, that involves more aesthetics and fundamentals of that entity, in this case the crypto LTC.
So lets get to the nitty-gritty!! First off on the daily chart you can see that LTC created a base around sub 150 levels and followed the yellow trend line (provided by MagicPoopCannon). Recently the past few days it broke this
trend line with the first CandleStick Piercing the first level of support at 190 levels with a minimal amount of selling pressure volume. the next CandleStick which one could argue was the first step in the 'Engulfing' Process. & tested the second level of support around the 180 level. In this case as well with low volumes of selling pressure. Which are both for now, decent signs for bulls. As you can see it also tested the pink trend line and bounced off of it. (pink trend line provided by myself) & the following day at the open shows a lot of tug-of-war with the doji candle stick. Now After stating this thesis with quantifiable data regarding candlesticks, usually I am not a huge believer about them. Although, I believe w/ the news coming out tomorrow about Litepay it can be pretty important to have an illustration in understanding investor/trading sentiment leading up to the news. Now back to the the doji candle stick; formed & touching the yellow (very bullish) trend line, shows that the power for now is still in the hands of the bulls. W? the next and present candle stick as I am writing, it is currently in two simultaneous processes, the first, trying to fully engulf the large red candle stick from a few days ago. The second, trying to pierce the yellow trend line again with more buying volume. If both of these were to happen at the same time, this is a very good sign for the bulls, if either or were to happen, this is still a positive. Now if both were not to happen then we could see a possible test again to the low 200's or high 190's back down to the pink trend line.
For those who read this, whether it be one or one-thousand, thanks for your time & hopefully this was helpful for your own thesis. In the future the post will be somewhat shorter.If you have an
LTCUSD
& many other Cryptos, if you are short the crypto market, I welcome that. All opinions and ideas can be insightful. I welcome any kind of sarcasm and jokes too bc I like to have fun with this & this is a hobby of mine. Any insight & info about your own ideas are also welcome. I enjoy throwing ideas around w/ anyone who wants to educate themselves and get some gains. Enough w/ the preface of this message *YAWN*. Soooo bring the education & fun & lets make some profits!!!! ALSO, EXCUSE THIS HUGE LONG POST, I am wired on adderal and coffee right now. lol whoops, sue me. I'm just locked in!!! Lets start off w/ a basic intro for the article/post. I feel there is a lot of eye wash (things that don't matter) or making the reading of charts a headache with a lot more clutter than there really needs to be. So I will try and show demos and illustrations that are easier on the eye/brain. For now I will be using basic trend lines and basic support levels while dabbling in certain patterns for example H&S and C&H & other info found and provided from other posters, but I will always give a shout out & make reference to any traders/sources that I use. I WILL NOT pretend that I know everything & I am better than so and so. BUT I do believe in using your resources & basing your own thesis on found and accredited info that you can use to help yourself. Back to what I was saying, I feel for traders that volume and price action are the 2 most important key metrics. And for Longer-term investors, that involves more aesthetics and fundamentals of that entity, in this case the crypto LTC.
So lets get to the nitty-gritty!! First off on the daily chart you can see that LTC created a base around sub 150 levels and followed the yellow trend line (provided by MagicPoopCannon). Recently the past few days it broke this
For those who read this, whether it be one or one-thousand, thanks for your time & hopefully this was helpful for your own thesis. In the future the post will be somewhat shorter.If you have an
Comment:
I had a tech error with posting this. I posted a new one without the redundant chart in the middle of the post. Also I talk about what the blue boxes are for. Apologies for the my mistake!
Comment:
Lol and I have no idea why it highlighted coffee. I guess because it's a commodity? Seems a bit ridiculous, but oh well. I just deleted it in my most recent post I previously stated ^