On the 4 hour chart we just bounced off the heavy resistance of $9,380. Fitting since this is also the top of the ascending wedge that has been being built for sometime. We see the resistance (now support) of $9,050 right below us and also the bottom of the ascending wedge. But I think we have not shaken the bears and when BTC trends back down to the bottom...
So while the triangle on the 15 hr is still valid, and should show a bullish pop up, we do have another heavy resistance at about $9,300-$9,450. Not to mention, if you take a look at the 4 hour chart, we are forming (have formed) a nice ascending wedge, which again with traditional TA would indicate a bearish change coming.
There is conflicting data from...
Conspiracy theory...lol. Look what came right back up into the triangle. Blows me away. But learning as we go. If you stop learning you are dead in the water.
Well, traditional TA would have you that Bitcoin will be going up about 2/3 - 3/4 down this ascending triangle with a level top. However we have seen some crazy manipulation in the last 2 weeks. The whales are coming in and just when you think the market will do 1 thing...because historically in the existence of "natural trading"..is there even such a thing...
Similar chart on LTC, just a bit more bearish and may cause BTC to fall out instead of hitting the top of the symmetrical triangle again. It looks like MACD and RSI have already taken bearish shape for LTC.
There has just not been enough blood shed in the lows to validate a confirmed reversal. Thinking this will need to go hand in hand with bitcoin and we will...
In looking at the 4H chart, it looks like we have a symmetrical triangle formed, confirmed with decreasing volume as we progress through he triangle. We have what looks like a bullish RSI crossover and a bullish MACD, so as we are nearing the end of the triangle, these signals could be a little confusing, but I think they will turn. I have been noticing lately...
LTC si forming another bearish pennant. However BTC drives LTC in the current market, and there is huge support for BTC at 6850...so unless the 6850 breaks, I think LTC will not drop very far out of this bearish Pennant.
