LTC Horns Defying Typical Pattern?
Updated
I am writing this before the pattern has been painted on the charts largely because I am in disbelief. I am watching as we in 48 hours have seen a price go from $135 - $128.8 - $139.66, with a correction that should have lead to a major Dump to a new low, that looks like, at this moment in time 525am on 6/19/19, as if it will continue the rally to possibly $144 or even higher!!! I am writing this because if this is correct, then I see no reason not to HODL for the next few months and trade on peaks and valleys... because we are going to previous ATH. I cannot see any other out come if we continue rallying at this point.
For several reasons...
First: LTC has never done more than two legs up, and a Horizontal trade pattern before correcting.
Second: We should've been in a months long correction by now, not a repeat of 2017
Third: This must be FOMO
Fourth: This would be the 1st time that after a major spike, it has transitioned into an, as mentioned before, unprecedented 3rd leg up...
Now I could go on with rambling arguments, with my inadequate expertise, but I am making these statements based off of rigorous chart analysis, failure, and learning curves, not too mention outright History of the Coin. To go on a 3rd leg up defies the logic of LTC growth... Hopefully this happens though, because the buy back in will be phenomenal haha. That being said I may have missed a "last call" sell off point on the right shoulder that was formed during the peak and minor retracement. IT is worth it because my goal at this point is to practice my buys and sells too build both confidence and hedge my overall holdings to be net LTC at any given time, while within a rising trend such as we find ourselves in.
I hope this analysis helps you all and maybe we all get a pleasant LTC surprise!
For several reasons...
First: LTC has never done more than two legs up, and a Horizontal trade pattern before correcting.
Second: We should've been in a months long correction by now, not a repeat of 2017
Third: This must be FOMO
Fourth: This would be the 1st time that after a major spike, it has transitioned into an, as mentioned before, unprecedented 3rd leg up...
Now I could go on with rambling arguments, with my inadequate expertise, but I am making these statements based off of rigorous chart analysis, failure, and learning curves, not too mention outright History of the Coin. To go on a 3rd leg up defies the logic of LTC growth... Hopefully this happens though, because the buy back in will be phenomenal haha. That being said I may have missed a "last call" sell off point on the right shoulder that was formed during the peak and minor retracement. IT is worth it because my goal at this point is to practice my buys and sells too build both confidence and hedge my overall holdings to be net LTC at any given time, while within a rising trend such as we find ourselves in.
I hope this analysis helps you all and maybe we all get a pleasant LTC surprise!
Note
Hahahaha, just as I posted this I saw one exception to the above statement...6/6-6/7 there were 4 spikes... then the final retracement. So I will amend my above post: More than 4 horns is unprecedented, 3 horns may be possible, but typically, and please for the future when trading take into consideration, that a Double Horn is a strong sell indicator, and I would hate for you guys to lose out on a massive gain, and buy back potential because you have the expectation that it will lead to a new leg up or massive rally. Typically they are trend reversals, especially when trading Horizontal (after new Local High). So please, please, please sell at the Double Top, or Second Horn on Normal Trend patterns. Sadly Parabolic rises make these kinds of TA very difficult because the rules get thrown out the window haha.Note
The horn has formed! It formed a little handle! I comoletely missed it, not because I wasn't watching, but because I assumed it was the new parabola haha. Don't assume, take emotions out oftrading folks! It had a double sell signal on the RSI, and on the MACD there was a Hump! It was a SCREAMING sell indicator. Also it last 2 minutes. The issue is if you see a peak, and it doesnt wick up to it, it is going to retrace for at least 15-30 minutes. That being said, that is after a down trend, and an immediate (relatively) trend back up.To put it simply: If it was going to go parabolic there wouldn't have been any rest and all of the 15 min candles would have been HUGE. Secondly if it was going to keep rising, even on a slow volume trend, it would've wicked slightly higher and just stepped to a peak (its one way I believe manipulation occurs to spite MACD and RSI indicators). That also being said, most Peaks in general, are short lived, and you either market sell into the descend, you set your market sell and hope it gets bought, or you set a "Profit" point and live with the results :)
Happy Trading!
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