DrDovetail

Lite coin breaking out up above 1hr chart bull pennant

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
As I anticipated we broke upward out of the 1hr charts bull pennant ...I redrew the bottom trendline to touch the low red wick when it appeared we may have broken below the triangle and sure enough this appears to be the valid trend line . I say go long on litecoin it and bitcoin are very few moving unilaterally on this meteoric rise...them and omisego.
Comment: wow it went from way above the chart to plummeting like a rock...short short short! evacuate wait to see if BTC gets caught by the TLINE
Comment: its pumping right back up. some sort of flash dump triggered a bunch of auto sells. We have 3 minutes before the next 1hr candle starts let's see if we can get the candle to crawl back inside and close within the triangle.
Comment: unlikely it will close above the trendline...looks like we may have a bearish break on this triangle after all go short. Sorry it was a bear trap.
Comment: it appears one of 2 things has occured here. Either we have been blindsided and bamboozled by a bear trap...or there is still a slim chance that the bottom trendline of the triangle pattern should actually be drawn from the base of the tall green candle....in which case the triangle pattern is still valid and we have had neither a breakout down or up yet and instead of a bull pennant it is just one big symettrical triangle. tread cautiously and if the price breaks out further below the big green starting candle of the triangle and closes below it's an absolute bearish break. so maybe set a stop loss below that green candle.
thank you! how long is long? days or weeks? thank you so much
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DrDovetail kenneths
@kenneths, I still believe now that litepay is being released that it will continue to rise unilaterally with btc although this b reak below the triangle is a bad sign, currently litecoin is still above btc percentage wise...they both plummeted...they were getting overdue for a correction and someone likely dumped a ton at once which triggered a flash crash from all the auto sells. An important factor to consider tonight is how bitcoins 1 day chart candle closes in an hour from now. If we don't so a rush of buys in the next hour it could close as a shooting star candle which means we are likely to see a dip in price as a long overdue consolidation takes place. I say if todays candle on btc closes as a shooting star candle..it amy be wise to short. We have been blindsided by a bear trap. However I think after a brief day or 3 of consolidation it will continue its bull run.
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kenneths DrDovetail
@DrDovetail, awesome insight. thank you
i would consider shorting if we dont see strong finish to the day but the length of time it takes coinbase to deposit my funds to my acct so that i could buy back in lower could be more than 2-3 days... arrrrg the frusrtation lol #newbdilemmas
Reply
DrDovetail kenneths
@kenneths, it appears one of 2 things has occured here. Either we have been blindsided and bamboozled by a bear trap...or there is still a slim chance that the bottom trendline of the triangle pattern should actually be drawn from the base of the tall green candle....in which case the triangle pattern is still valid and we have had neither a breakout down or up yet and instead of a bull pennant it is just one big symettrical triangle. tread cautiously and if the price breaks out further below the big green starting candle of the triangle and closes below it's an absolute bearish break. so maybe set a stop loss below that green candle.
Reply
DrDovetail kenneths
@kenneths, I totally understand and empathize with that frustration I know how aggrivating coinbase can be sometimes lol. Hopefully the segwit update will help drastically change that.
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