Following yesterday's 10% swing LTCUSD has formed a larger diamond as predicted. If you followed yesterdays idea you caught a 10% swing and now a setup for larger 15-25% swing looks to be forming.
Inside of the diamond are mixed chart signals including a potential descending triangle forming and a potential inverse head and shoulders.
As price action nears the APEX of the diamond, watch for a breakout of the Diamond and confirmation of either a bottom or a half-staff continuation.
Price targets on chart for breakout in either direction.
Breaking up out of the descending triangle before it forms would be a preliminary bullish indicator. A move to the upper trend line would further support the bullish scenario.
Moving down to the bottom trend line of the potential descending triangle would confirm the pattern and support a bearish scenario.
thepatternsite.com/diamondb.html
Inside of the diamond are mixed chart signals including a potential descending triangle forming and a potential inverse head and shoulders.
As price action nears the APEX of the diamond, watch for a breakout of the Diamond and confirmation of either a bottom or a half-staff continuation.
Price targets on chart for breakout in either direction.
Breaking up out of the descending triangle before it forms would be a preliminary bullish indicator. A move to the upper trend line would further support the bullish scenario.
Moving down to the bottom trend line of the potential descending triangle would confirm the pattern and support a bearish scenario.
thepatternsite.com/diamondb.html
註釋
The downward resistance trend line the descending triangle has broke, giving more support to a potential bullish scenario.交易進行
Playing some scalps here. Long position opened at 116.8. Expecting a test of 119.73 and/or the diamond trend line at a minimum.註釋
As usual, tight stops are mandatory.註釋
Diamond trendline being tested. 註釋
Broke diamond trendline, trying to test the previous diamond tip at 119.73. Pullback possible here. 註釋
Bulls took the tip. Decision time for a pullback or upward continuation.註釋
Little back and forth over the tip resistance...手動結束交易
Taking profit. Will buy back in using a stop buy at small loss if we break the resistance. Otherwise, looking for a small pullback to buy in.交易進行
Re-entered after bounce off 5m ema 12 (118.6)註釋
Nice bounce. Trying to break 120 resistance now.註釋
Bull volume is still strong.snag.gy/wag7jz.jpg
註釋
Looks like bulls are accumulating here while letting the price slip a little.snag.gy/z9UpuF.jpg
交易結束：達到停損點
Stopped out.註釋
Indicators on multiple time frames are turning bearish as bear volume has finally shown up. This little bounce here might be short lived.snag.gy/YQeJ0d.jpg
交易進行
Testing 120 again, might take profit here for another 3% gain.註釋
Breakout... 註釋
Two 4k+ LTC buys back to back on GDAX. Expecting a test of the larger diamond tip around 126.91 here. Will review MAs and ICHI clouds for other interim targets.snag.gy/8EJRvI.jpg
註釋
Currently hitting 26ema on the 2 hr. Have ICHI could resistance on the 30 just short of 125.
Past resistance in the chart. Otherwise, should be all clear to test the larger diamond upper tip.
註釋
Bull volume still strong. snag.gy/bYAICP.jpgHistorically speaking, LTC pivots on 5 with 2.50 and 7.50 being battlegrounds. If bulls can't take 122.5, I would expect a pullback below 120.
註釋
We're up 9% already but just a reminder, Tight stops are mandatory.註釋
Battling for the critical 2.50 pivot now. 註釋
Bears rejected 2.50 . Not liking the potential gravestone on the 30. Really a horrible candle by itself. However, next candle could confirm trend reversal.註釋
Gravestone turned into a potential evening star. I might to take profit on the next pump here and look buy back in below 120.註釋
Back to an doji. Trade still active watching price action to see if bulls will continue up.註釋
Little pump... this candle is fine. Indicates upward continuation.註釋
Bulls pushing toward 2.50 again...註釋
2.50 taken. 註釋
15 and 30 minute indicators show pump is getting overheated. 1 hour has a little room to run. Following with a tight trailing stop to take profit here.15
30
60
交易結束：達到停損點
Stop hit at 123.25. Nice swing trade from 116.25 there for 6% profit. Watching price action here for further direction.註釋
Bad timing... Look at that pump...交易進行
Needless to say trad active again. Back in at 124.交易結束：達到停損點
4 dojis in a row on the 15. Clearly undecided. Make your own decision here... Personally closing out for a small loss at 3.5註釋
Watching the 2.50 pivot here for a decision.註釋
Hit right between the 30 min ICHI cloud target and the diamond tip. Bulls gave up the 2.50 pivot.交易進行
Immediately taken back. Long 122.5交易結束：達到停損點
Exited at 122.99. Frustrating. Chop time I suppose.交易進行
Long at 2.5 again交易結束：目標達成
Exiting here. 交易進行
Long here at 118.20, per usual tight stop.註釋
Up $2 so far... 交易結束：達到停損點
Stopped out at 120.交易進行
Re-entered at 119.44交易結束：達到停損點
註釋
This could lose ground quite fast.註釋
Local target on the downside drop is 8.53 from 117.27 to 108.74 if the bulls do not show up here and support 117. On such a down swing, a test of the inner diamond tip red lines at 112 and 109.27 can be expected. Another scenario is continue to chop sideways between the 117.5 and 122.5 range until there is decisive breakout in either direction, making shorting here risking. Likewise, going long is also risk because the bottom can easily fallout from under 117 support.
註釋
Likely scenarios....交易進行
Going to make risky play and go long at 117.10 to play a back test of that trend line. Tight stop required because bottom can quickly fall out.I suspect I 'll get stopped out.
交易結束：達到停損點
Stopped out at 7.5註釋
Didn't realize, but visible on the 1 minute, already back tested that trend line once.註釋
LTC has now consolidated into a larger diamond. Price still fell out the bottom and TPs from the original diamond remain unchanged. We could be seeing throwback or pullback, but breaking the tip still remains final confirmation.註釋
Looks like we have a falling wedge after that bounce pointing to 112. Note the price action is based on very low volume, result of asks being pulled on low volume buys -> snag.gy/t7mGpN.jpgs3.amazonaws.com/tradingview/snapshots/y/YDwOhMHG.png
註釋
BTC big picture since we can' forget LTC will trade in tandem....s3.amazonaws.com/tradingview/snapshots/j/JdtDKQcx.png
註釋
LTC local diamond could be forming on the 15. 註釋
Scalp targets on local diamond breakout, if it forms.註釋
LTC getting closer to forming a definitive local diamond. Still could be a few hours away before we see significant local price action.註釋
Perfect hit... Looking for further consolidation now. s3.amazonaws.com/tradingview/snapshots/3/3SBnZJK7.png
註釋
Price bouncing as expected, Maybe short lived. Waiting on breakout confirmation.交易進行
Long here at 116.6, scalping the diamond and playing a potential breakout.註釋
Traded sideways on the 15 and the 30 minute. Not exactly the breakout needed....交易結束：達到停損點
註釋
And price bounces back $1 on no volume. Testing trendline again.註釋
Obvious how that would turn out...註釋
LTC should testing that tip around 115.54. If it breaks 112 inbound... 註釋
Testing the tip. Nice size buy wall between it and 115.... Let's see how this turns out.註釋
LTC Tip broke, Bears chewing away at buy wall.In the mean time, BTC has also fell out the bottom of its larger diamond and should be heading down to test its tip
註釋
Looks like a back test. Will take some time to bleed down. Will be bounces on the way.s3.amazonaws.com/tradingview/snapshots/m/mFN1ok6k.png
註釋
LTC local diamond almost at TP... s3.amazonaws.com/tradingview/snapshots/w/WKeSMMbs.png
Meanwhile, BTC making its way to testing that larger tip...
s3.amazonaws.com/tradingview/snapshots/b/BeatQmWU.png
註釋
LTC local Diamond price target hit. Watching price action.註釋
註釋
LTC testing 112 target...註釋
112 broke...s3.amazonaws.com/tradingview/snapshots/l/laww99Zb.png
註釋
So far just a wick and bounce but could be from shorts covering.註釋
BTC looking ready to make a decision here...s3.amazonaws.com/tradingview/snapshots/j/jAZvXVzh.png
註釋
Watch for a breakout up on BTC,hitting the red line would be a nice resistance point and could form a nasty local head and shoulders.註釋
LTC appears to have fell out of bull pennant is back testing now.註釋
BTC... 15 min:And in better detail..
交易進行
LTC long 115.5, with tight top. BTC breaking out of diamond upward...交易結束：達到停損點
Stopped out at 116.99. small 1.25% profit. BTC has failed to reach its Diamond TP, so pull back expected.交易進行
LONG 116.25, tight stop手動結束交易
Taking profit at 188.8, just before our previous diamond tip. Will buy back in if resistance break.s註釋
LTC TP here should be over 120. But we have resistance tips at 188.83 and at 191.71. Expect a pullback.註釋
Perfect hit. Not sure how much pullback we will see, Bulls are buying aggressively. Rather lock in 2.25% profit instead of taking the risk. Would not be surprised to see this continue up though.註釋
Bulls broke through first resistance after 5 minutes of trying. Should hit 1 hour cloud resistance, then larger diamond resistance over the next dollar.Putting in a lower limit order to catch a dump. Will buy back if we break trough the resistance.
註釋
Bulls put up a very large buy wall (8K) on gdax starting 188.83. Don't think they plan on giving it up.Hitting second TP now at 119.73
註釋
LTC Dump right on target as expected. Expected it to be larger....BTC also maybe putting in a rounded top short of 7k after breaking out if its bull flag.
註釋
Looks LTC bulls and bears will battle over the 118.83 - 119.73 range here.註釋
GDAX buy wall being pulled. Bulls look prepared to give it up as BTC continues its pullback.註釋
Bears dumping into the buy wall. Keeps getting lowered and put back. Appears bulls will support it to an extent and imagine they will let it go if sell volume gets to high. Contemplating buying back in here with a tight stop.交易進行
Long 118.86, if nothing else maybe we chop sideways for a few $1 scalp.s註釋
GDAX buy is indicative of a Whale using a bot to cost average in buys.snag.gy/m1HJ7k.jpg
交易結束：達到停損點
Trailing Stop hit at 119.19. LTC Bulls aren't buying here with BTC in a pullback.註釋
Dumped right through that buy wall...snag.gy/cn5OaV.jpg
交易進行
BTC pumping, Long 118.6註釋
Really need BTC to hold 7k here... 註釋
BTC Back above 7k... needs to first hold and then start climbing toward the 7250 diamond Tip and LTCwill start running... 註釋
Not looking good for BTC, below 7k again.交易結束：達到停損點
註釋
Red candle on the hourly here would have bearish implications. LTC needs to close it green.註釋
LTC just made the hourly candle pattern bulls didn't want to see. 註釋
Potential Scalp: BTC and LTC has formed Descending Broadening wedge. Trade rule is to buy the 3rd touch and target Point (A) where the descent began with and 83% success rate. thepatternsite.com/dbw.html.It would appear the 115.5-116.5 area might where this touch might occur.
thepatternsite.com/dbw.html
交易進行
Going to long a small position here because looking at the charts we may have had 3 touches going by candle bodies as opposed to wicks.交易結束：目標達成
Target hit. 1% gain but it adds up.註釋
LTC has fell out of a local rising wedge, and is heading for the neckline of a local head and shoulders. TP on the HnS is 113.7 but previous support at 115 should hold. It is also possible that the neckline holds. Possible bounce areas highlighted.註釋
Correction: Local Ascending Broadening Wedge, not rising.註釋
If LTC breaks down this scenario could playout....交易結束：目標達成
AWB Scalp targets hit. Nice 2% gain there.交易進行
LTC long again at 119.1 with tight stop.註釋
Looking for a breakout on an ihs. TP would be 129.5, but we have a few resistance points along the way.註釋
BTC is currently bull flagging inside a diamond with with an upper TP of 7420.1 and a lower tp of 6558.1.Additional BTC has broke out of an inverse head and shoulders with a target price 7645. Past targets and resistance still in place.
手動結束交易
Locking int a 2% profit here. LTC has formed a rising wedge and indicators say its time for a little bit of break. Will Target an MA to buy back in cheaper.註釋
Good timing. Hitting that wedge line. Would like to see it fall out here to fell safer about going long though....交易進行
Hitting the 15 ema 26 at 191.51 right now which is a good bounce point. Ideally, a pullback to the black trend line. But would rather take the $2 increase instead of risking it. However, we can pull back further.註釋
Sill over cooked on the 30 and 1 hour TFs. Might play some more chop to pick some extra coin but that risks selling and having to buy back higher. Watching price action.手動結束交易
Took a little under 1% profit. Hourly candle doesn't look good.註釋
Down it goes. Gonna let this cool off for a bit here, indicators over heated and look for potential support for reentry. 118.83 or low 119 might do the trick depending on how aggressive the selling is or isn't. 交易進行
Going long at 118.8 with tight stop after bouncing off the 1 hour 12 ema.註釋
Tapped out at 118.99. Looking to rebuy lower手動結束交易
Taking profit at 119.99註釋
LTC is forming a local diamond similar to a previous fractal. Will be watching for a breakout.s3.amazonaws.com/tradingview/snapshots/t/t3LJgs9y.png
註釋
LTC bouncing off diamond trendline. Still risky to trade. Playing that bounce, use a tight stop註釋
LTC nearing first decision here...註釋
LTC has made first decision... Down註釋
LTC Potential falling wedge also broke.註釋
If this holds the trendline would establish an ideal uptrend channel.It is competing against the diamond and local head and shoulders the price just fell from.註釋
Failed to hold. Chart pattern price target is 115.78. Resistance points along the way along with diamond tip right below it.註釋
Going long at 117.7 Potentially dangerous trade to catch, as a cascade of chart patterns could lead us back down to 110 if we don't get a strong bounce. Cover with a tight stop.註釋
Took profit at 119.73 TP. Buying back in lower. 交易進行
Long at 119.2手動結束交易
Took profit at 120.10, nearly 3% over last two trades. Should pull back to 118.8 for reentry交易進行
Long at 118.5, potential morning star reversal candlestick on the hourly.手動結束交易
Getting out at same price. Reversal stick being invalidated.交易進行
Long at 118.1交易結束：目標達成
Another profit at 119.73 TP交易進行
Long 119.4, tight stop.手動結束交易
Unexpected dump. exited on bounce back to 119.4註釋
Possible Dump incoming...LTC at possible top of right shoulder of an HNS. A few cents down would make a graveyard or a possible evening star on the hourly
Mean while, BTC has a potential graveyard on the 30 minute, which may also double on the hourly and maybe completing a triple top.
註釋
Watching this hourly close for confirmation.註釋
Correction: Gravestone, not graveyard.交易進行
LTC long... LTC should be a hold here as long as it stays above this trendline. Breaking it would imply a TP of 110.註釋
If LTC breaks this trend line it will form an ascending broadening wedge. 註釋
LTC and BTC TP1 hit.LTC has broke the diamond TP 126.91. On upward continuation, it should find resistance at 130.02 as it moves toward the 133.23 inverse head and shoulders target and on toward the major diamond target at 144.55
BTC has hit its local diamond TP at 7420.
BTC is now inside a rising wedge and if it continues up should move toward the inverse head and shoulders target price of 7645. On upward continuation it should move toward its diamond price at 8005.
註釋
Upper channel trendline hit. Bulls could take a break here.註釋
130 broke... On to inverse head and shoulders target.交易結束：達到停損點
Stopped out hear at 130.12.註釋
15.5% profit on this swing here. Even more with scalping along the way. Will watch price action here. I may close out this idea and start a new one.交易結束：目標達成
Looks like bulls might keep going here.Going to watch price action and bear volume. Previous resistance points of 125.8 and 126.91 might be good re-entry targets if selling persists.交易進行
Scaling in buys between 128.51 and 125註釋
Looks like a local falling wedge has formed pointing back to the 126.91 previous resistance point. Typically, these will break up between 50-80% of the way through the pattern.註釋
Moved buys under 127 up and scaling between 127 and 129.註釋
Correction: Scaling between 127 and 129.5註釋
Larger falling wedge has formed, along with a ascending broadening wedge which indicates should eventually move back to at least 130.5. Unless the bulls or bears get aggressive here, this would be the expected price action.註釋
Bulls got aggressive. Normally ABW gets three touches.註釋
Larger Ascending Broadening wedge forming. If it pulls back it should touch the lower trend line a 3rd time and should move back to and break the point where it started at 131.35, and should move on to the inverse head and shoulders target of 133.2. Bulls however are being aggressive and bears have yet to unload. This is crypto though and anything can happen.註釋
Bulls kept going. Be on the look out for the following potential scenario: Inverse head and shoulders target hits, price pulls back and forms a diamond.交易結束：目標達成
Took profit at 133.2. Watching price action for re-entry.註釋
No diamond, just kept going. Next TP is 137.12, with one falling at 138.14. However order book suggests there will be heavy resistance getting there.註釋
Psychological resistance at 135 broke. Testing the 137-138 resistance now. Upon breaking should move to the 144.55 target.註釋
Took profit at 137.5手動結束交易
交易進行
Reentered at 135. Tight stop in case selling continues.註釋
Updating stop to market price (136.37)交易結束：達到停損點
註釋
Can't say for sure, but this is feeling a bit toppy. Protecting profits here.註釋
Dump avoided.交易進行
Scaling buys between 127-132.5交易結束：達到停損點
Trailing stop hit.交易進行
Long here at 131.8 with tight stop. A retest of the high should be in play. Head and should looks to be rejected buy we still need to make sure it doesn't bust.交易結束：達到停損點
Trailing stop hit at 134.70交易進行
Buy back at 134.交易結束：達到停損點
Trailing stop hit at 134.89註釋
Buy back at 134.05註釋
LTC being held up by BTC. Another chance to by a dip.交易進行
BTC wicking below its rising wedge trendline. Expect a pullback here if breaks.手動結束交易
Closing out at same price. Gong to wait on BTC here...交易進行
BTC bouncing, long with tight stop at 133.5手動結束交易
And there goes bitcoin again. Closing out before LTC follows. 註釋
BTC fell out of the rising wedge to form a larger rising wedge. Looks like it still needs a little more down or sideways consolidation to establish an uptrend channel with parallel resistance lines.註釋
Would scale in buys here but BTC still not quite there yet.註釋
Quite possible just a little sideways chop.交易進行
Scaling in buys between 129 and 127. BTC shouldn't have much further down.手動結束交易
Took profits at 130.14. Might bounce further but knowing LTC likes to retest lows, play it safe and catch the retest交易進行
Going long at 128. Tight stop, sell-off may not be over.註釋
Scaling addition buys between 126.91 and 128. Expecting bitcoin to bounce between 7237.2 and 7250.註釋
Correction. Expecting BTC bounce between 7237.2 and 7269註釋
BTC bouncing. If it doesn't hold, i'll exit.手動結束交易
BTC dumping, decent size sells too.註釋
BTC bouncing again, LTC formed a falling wedge. Watching for a breakout to go long.註釋
LTC long 128.5 on breakout.交易結束：達到停損點
Stopped out 130.98註釋
Looking for a diamond to form.註釋
Price targets for a breakout if a diamond forms.註釋
Price targets for a breakout if a diamond forms, with price lines.註釋
GDAX hasa little buy wall at 128.75 so a bounce there to could form this diamond.註釋
LTC and BTC on diamond watch. 註釋
Fell out the bottom. Watching for a potential partial decline. Breaking 115.5 would imply continuation to 110.03.註釋
How low will she go... hitting 1.618 fib extension, but diamond target says 110.03 is the target.s3.amazonaws.com/tradingview/snapshots/o/o0bFfsFT.png
註釋
Expecting a little dead cat and sideways chop here before more down, as LTC is hitting the 1.618 extension. Watching price action for a potential bottoming pattern though. Could be an opportunity for a scalp.交易進行
Going long at 114.5, for a scalp.交易結束：達到停損點
Stopped out at 115.1註釋
Trying to put in a local bottom here and price target a few dollar short of anticipated but the Jan. 20th pre-crash fractal overlaid on the current hourly could indicate we have more down here.註釋
Another view with Highs and lows better matched. Could get really nasty if this fractal plays out again.
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