Forex Analysis 003 - Litecoin (LtcBtc) Have we discovered the bottom?
Hello, thank you for taking the time out of your day to view this post. My intentions is to provide you with VALUE. You input is greatly encouraged and appreciated.
As a quick disclaimer, everything displayed is for analytical purposes as we track the movements of various currencies. My goal is to assist in understanding the movements and the anticipated patterns that the market may be attempting to complete. This should not be taken as financial/investment advice. Thank you for your understanding @itsdanmark
Litecoin impressed most as of lately with its incredible bullish impulsive movement. So what does this mean?:
Assuming that this IS THE BOTTOM, we can then begin to anticipate this as an impulsive movement to the upside, so how would we prepare for this?
A quick lesson regarding Visual Price action, this typical behavior of bearish impulsive movements as shown:
Therefore regarding a BULLISH impulsive movement, I am anticipating a correction to confirm yet another BULLISH impulsive movement:
So lets dissect on the smaller timeframes...
There are many possibilities, but we can VISUALLY start to roadmap what this MIGHT be forming, assuming that this is indeed an impulsive move to the upside:
Therefore we must be patient to see what they provide us, we must observe the new information and add this to our roadmap of possibilities.
Will we get another move down to complete this piece, before breaking long towards the next piece? (similarly to Bitcoin, ill post that Below this next screenshot as well for price action comparison):
So we must wait to determine if this is indeed a correction forming, or if this is the start of an impulse to the DOWNSIDE. If so, than we were incorrect! This large bullish movement we received this month was simply APART OF THE CORRECTION!
Here let me show you what I mean (forgive the rough stylus art):
So we must be AWARE of that possibility of being both a CORRECTION or an IMPULSE, so we can future success.
~I WILL DO MY BEST IN STAYING CONSISTENT WITH UPDATES AND NEW OBSERVATIONS~
Stay focused, keep learning new things every day....
Be open to all possibilities and stay humbled by what is presented
Take it slow! Trading is not a money printing ATM from your phone. This is a BUSINESS!
Have a wonderful weekend