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Examination of Candle Patterns for Litecoin (LTC)
To Assess **
Cryptocurrencies have been a visible and volatile property in recent years. Many investors are trying to make use of growth opportunities. Among these cryptocurrencies is the cryptocurrency of Litecoin (LTC), an open source, peer -to -peer nets, which has gained popularity among merchants and investors. In this article, we will look at how candle foot patterns can be used to evaluate Litecoin's performance and to make knowledge -based trading decisions.
What are the candle foot patterns?
Candlefoot patterns are part of the stock market and cryptocurrency analyzes that identify potential trends or prices changes. These models consist of vertical lines that represent high, low, open and close prices for each trading day. By identifying certain candle foot patterns, merchants can get information on the direction and strength of the trend.
Litecoin (LTC) Candle Footwear
Litecoin has made several trends in recent years, and the price of cryptocurrency ranges from $ 40 to over $ 300 per coin. To evaluate LTC's performance with candle foot patterns, we focus on four key models:
- Hammer pattern
- Reverse hammer pattern
- Shooting A constellation
- Reverse Main and Shoulders (IHS) model
Hammer pattern: increasing indicators
The Hammer pattern consists of a small lower height followed by a small upper shallow. This model is considered a rising indicator because it suggests that the price has turned its trend, indicating a possible rise in prices.
Applying the Hammer pattern to the Litecoin chart:
- Identify the new shallow chart.
- Draw a small lower height below the previous low.
- If the next candle closes above this new low, the pattern will be reinforced.
Reverse hammer pattern: plants indicators
The reverse hammer pattern is similar to the traditional hammer pattern, but has a opposite direction. It consists of two short lower heights followed by a small upper height. This model is kept on the invoice because it suggests that the price has turned its trend, indicating a possible decrease in prices.
Applying a translated hammer pattern on the diagram of Litecoin:
- Identify two new low points in the chart.
- Draw small high above the previous low.
- If the next candle closes below this height, the pattern is reinforced.
Shooting Star Pattern: Growth Indicators
The shooting residue pattern consists of three low low low, followed by one upper high. This model is kept on the invoice because it suggests that the price has turned its trend, indicating a possible decrease in prices.
Shooting Start model on Litecoin's chart:
- Identify three new low points in the chart.
- Draw the upper high above the previous low point 10-20 candle intervals after each low low.
- If the next candle closes below this upper high, the pattern is reinforced descending.
Reverse Main and Shoulders (IHS) Model: Lossing indicators
The IHS model consists of a small higher height followed by a shallow. This model is kept on the invoice because it suggests that the price has turned its trend, indicating a possible decrease in prices.
Applying the IHS model to Litecoin chart:
- Identify the new lower height of the chart.
- Draw the upper high above this low point 10-20 candle spacing after each taller high.
- If the next candle closes below this upper high, the pattern is reinforced descending.
conclusion
Encryption currencies, such as Litecoin, apply significant price fluctuations, and understanding candle foot patterns can help merchants and investors to make conscious decisions.
