ronfkingswanson

Support and possible breakouts after the 4th rally consolidation

BTCE:LTCUSD   Litecoin / U.S. Dollar
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After peaking right at the upper wedge trendline , LTC (and BTC ) have pulled back for consolidation, with a lot of nervous sentiment from yet another steep rally. Expectations of a final reversal are common, but so are projections of another attempt at the all time high. With no dominant indicator, neutral news period, and no panic sell busting support lines on the fibonacci retracement , we will likely see more sideways movement for a few days. Significant rumor or news could be the deciding factor on which way we breakout of the wedge , and BTC is likely to be the dominant lead in a decline, while LTC might be more likely to lead another run up.

Also, check out that incredible lower fib ratio lining up *perfectly* with the deepest bottom of the last panic sell. Spooky.
The Taobao news out of China has helped to make the markets move today, but I like this volume.
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It looks like a rising wedge, so based on that pattern a move downwards is more likely. Is this correct?
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not sure such clear conclusions apply in the land of crypto-bulls...
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