Long

Updated

LTC - I got one LTC in my pocket, the other one's giving high 5

Stumbled upon some LTC. I'm deciding to keep it in my pocket for a while. So why not share my decision with the community on Tradingview?
Target 1: $750
Target 2: $2000

This is OccultMagnetism. Read about it at occultmagnetism.com
youtube.com/watch?v=CUjIY_XxF1g

Note

Zoomed in:

Note

Look. Bounced exactly on a supporting ring and went back to the last supporting trendline at $143.9.

Note

This is good. It gives strength to the Fibonacci pattern that target 1 (at $750) is a part of.

Note

Zoomed out a bit more:

Note

Hitting next trendline...

Note

Filled up. Trying to break above 200 hour candles moving average (blue line).

Note

Blew through the moving average... Rocketing towards the next ring (marked in red) where another significant moving average (purple line) is hanging around. If it move above that level and is stable I think the LTC will get his strength completely replenished, which should result in a full blown bullish move.

Note

OMG there moving averages are so good to use together with OccultMagnetism... I'm two times more sure about stuff in general it feels like. Without OccultMagnetism moving averages are like a limp old man. They are practically made for eachother.

Note

steemit.com/@logicaldeduction

Note

There will be a noticeable resistance at $190 level.

Note

I think this sudden big rise in LTC is very temporary thing and that it will will retrace down again (base on looking back in time how it behaves when it rises it's not a normal rally). I think this rally is delusional. Also we have the $190 level that it hasn't reacted to yet (marked in red in the chart above).

Note that this is not trading advice!

Note

In the long run the target is still $750 and $200.

Note

$2000 (not $2000)

Note

....... not $200.

Note

youtube.com/watch?v=Kw1yA4dS70U

Note

I think it will retrace to $190

Note

LTC is fond of my trendlines.

Note

Now it has visited $190 again.

Note

Hitting a support at $190.

Note

Looks like it bounced exactly on hte support.

Note

Will it continue to go sideways for a while?

Note

Clearification: I see a risk of it getting stuck in this stream pointing to the right... This would not be a good thing because of the packed (small distance between) rings at the right end of the purple arrow, meaning it could even go down after that. So we'll see if it gets stuck in this "steam" of trendlines or if it manages to break upwards.

Note

If it continues up it is likely to top at $166.6

Note

$164.8 pretty close.

Note

It can still go both ways. I don't know. It's just a resistance there.

Note

Resistances marked in red, support in green.

Note

My LTC pattern is now completely invalid. LTC is ignoring the rings. I suspect I will come back with an analysis for LTC after the summer. LTC is moving sideways until August (probably).

UncannyDeduction

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.