Box1515

Descending triangle on the 15m

BITSTAMP:LTCUSD   Litecoin
LTC went ultra-bullish earlier today, but came hurtling back down from our old nemesis of $67. A descending triangle has formed on the 15m since then and we're about 2/3 of the way through - the point at which these usually break down if they're going to do so. EMA/SMA cross and MACD all point towards further downward movement. RSI puts us into oversold territory, but I find RSI to be incredibly unreliable when it comes to rapidly moving trends in crypto. If the triangle breaks down, I'm expecting the fall to halt around the $62 mark.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.