Litecoin (LTC) Update And The Mentality of Taking a Trade. Crypto Technical Analysis

Litecoin (LTC) Update And The Mentality of Taking a Trade. Crypto Technical Analysis



heyyyyyy traders just wanted to look at like one today why not just give an updates first off right now we're just looking at coinbase chart for our log scale with anchor points one and two and three on the bottom just one on the top when you plot it like that there's just so many beautiful touches everywhere the confirmation you get within is ridiculous okay it's it's great alright so heart Lionheart Lionheart line you see it everywhere touching and now where are we we are at the literal bottom of the channel the log scale Channel and we're really trying to hold on desperately to a critical support alright big deal that's where we are so it's been a very very nice ride up we've retraced bleep 50 pursuing the way maybe or no really hold on not to get out of log scale for a sec – just give me two seconds yeah I don't think so things like from your all-time highs to low think about this man unlike one you haven't even retraced 30% of the way that I was thinking about another fit nodes right where I fit but like from the all-time highs man not even close okay so we know like in time if Bitcoin held up which we don't know because it really has everything did a big coin man and and guess what in about a month the happenings happening right on like one and maybe we had a price run-up beforehand and I know in the past the history for light coin has been when the happening happens leading up to it lots of growth okay so going from $22 to $145 pretty big deal okay so um so much that we have we have to look at this in log scale for gonna look at the trend because it's just exponential growth but once the happening happens based on history we sell off pretty hard for a while and and eventually you make a higher loath in your previous low wherever it is and then you run again and go on a nice bull run so we'll be interesting to see how you know that's the history that right that doesn't mean it's gonna happen in the future for like when like one could keep running or get destroyed okay it all depends on really the macro which is Bitcoin and Bitcoin it's gonna be affected by really I mean in a lot of ways you could think about if there's market stability like we saw with a you know the g20 the you know all tensions are starting to cool a little bit President Trump walked across the DMZ stock market took Connolly to that and you know all-time highs on the sp500 against a day and so when you know you start seeing financial uncertainty around the world start getting better right when things are smoothing out cooling off then you know hedges against the US dollar and uncertainty will drop which Bitcoin did draw from that even though we know a lot of it was probably technical you know he had the golden retrace from all-time highs and we've just been selling off ever since you know we got a saw is like 13,000 886 or whatever and now we're at 11,000 336 but we got us low on Bitcoin it's 96 50 or so so you know I think it's not just rooms we're talking about like one of course but we're talking about Bitcoin and big one affects the living crap out of light coin but you know huge events around the world of uncertainty can affect Bitcoin and so like you have to look at it like that like it starts it starts a like one but like ones favor a big one big one Specter by world events that are going on all right in the financial sector all right so it's not just like what's like one gonna do you and that's what I'm saying all this because you have to in analyzing all up coins you have to analyze the things that affects the altcoins right so for instance here we go we're gonna go zoomed in another charts scale we know the trends extremely bullish we know like coin is forming some sort of potential double bottom where from the previous low to high at the 62% retrace which is the golden retrace very good all right and with me saying all that every you know event is special it's unique okay so though we would we think that maybe we have some coinciding variables that give us an edge in this market for this potential trade anything could happen right we can't expect it to want to go higher because if we expect it to go higher and it doesn't then we'll develop some sort of negative emotion behind a potential double bottom with Class B bullish divergence on both oscillators we know we do not expect it to go higher but what we would do is we would be willing to pay a price right and that's where you know as long as you know far as you go down you get stopped out at white 110 111 all right we're willing to pay that price in these areas to potentially see if the trade could play out and that's the mentality one must have all right so if things continue looking well for the the world and stuff you know with all this going on you know trade tensions cooling off and Bitcoin you know maybe gonna make a lower high you would think look I think with Bitcoin and really like 1 or 4 like going to have a double bottom that's gonna play out big one has to make higher highs and right now Bitcoin is you know stuck let me say let me just I need to get more buttons for my stream to set up for this my other screen right so Bitcoin has to make a higher high right eventually Bitcoin has to break twelve thousand four and five because right now we very well could there's something called falling three Peaks that we could be developing a bearish pattern classic distribution going on with lower lows two valleys and three peaks that's like what signifies that pattern so you've gotta believe the like one will never play out if big one wants to sell off here and then break this support this is the critical support 96 93 for this potential pattern all right you go down there and you break that well lookout like one screwed okay so really just trying to show y'all that trench and assault just trying to show you that like because of trade if a trade like a potential trade fails you can't be upset about it because it's going to affect your next trades okay and so that that mentality is very important so we like one extremely bullish conditions right having in a month potential double bottom at the bottom of a log scale uptrend right that we have been in since like December bullish Dover and some but you know oscillators all these good things going on but there's always a chance it can fail because every unique is special every event sorry every event is unique and special and so here again you're paying to see if the trade would play out you don't expect it to play out all right so the double bottom if it was to become valid it would have to break above eventually $137 if it did that you go all the way up to 161 and for a measure move and that would be 52-week highs and then it would you know make sense right why it happens that makes sense what happened because look where we are we're at the bottom of the log scale uptrend and we're holding on to critical critical support you do not want to fall below that man all right so there are multiple reasons why it could play out but then we just talked about also a Bitcoin if Bitcoin doesn't want to make our eyes there's no way like once uptrend can continue like that's the way it's been so big one really needs to break 12,000 405 all the time you get twelve thousand four and five and you're testing it I think like one's gonna be much higher which is good but I don't think you're gonna be in any kind of pattern completion where you break out of 137 and you hit like 160 or whatever the measure move is so just wanted to kind of go over like coin but or a wanted to go over like one wanted to go over the potential pattern unlike one wanted to show you where we are and the huge up sure and we've been in for a long time for you know the whole year but also want to talk about why this might fail why it could fail but we also know what can happen in Bitcoin breaks the upside this could be very favorable and could be an awesome trade setup right so all about probabilities not certainties just because one potential beautiful-looking double bottom with coinciding variables fails doesn't mean one should be upset about its or become emotionally attached to it again expectations will make you become emotionally involved with something right so we don't want that as traders all right so just wanted to give a quick update on like one just talk about everything a little bit like whatever man it's just kind of like a it's a vlog man it's not just like coin because if it's just like when I think that's not you have to say because it's so much more than just like one involved right like one isn't the only thing involved with like one price action right it has a lot to do with the rest of the macro all right so if you enjoyed this video hit that like button I bill at sub I'll be live in a little while hope y'all are getting ready for 4th of July it's gonna be a good one man so until next time respect to the T hey

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