AFTER A MASSIVE RALLY AS IN PRE 2015 HALVING LTC APPRECIATED MORE THAN 7X SIGNALING A DEEP CORRECTION AS BTC ALSO NEARING A STRONG RESISTNCE AT 12K
TESTING 200 DMA IS INVETIBALE AND NO !! THIS TIME IS NOT DIFFERENT ;)
LOOKS LIKE A TEXTBOOK H&S PATTERN !
ONCE NECKLINE IS BROKEN AROUND 7400 $ - 7500 $ SELL PRESSURE WOULD ACCELERATE
DISCLAIMER: THIS IS JUST AN IDEA AND DEFINITELY NOT A TRADING ADVICE !.. PLEASE TRADE AT YOUR OWN RISK.
2017 --> 5k-20k mania fractal applied !
TARGET : 200 DAILY MOVING AVERAGE SHOULD ACT AS A STRONG SUPPORT (4500$-5000$).. ALTHOUGH AN HOURLY PANICK WICK BELOW THAT LEVEL IS VERY POSSIBLE..
DISCLAIMER: THIS IS NOT A TRADONG ADVISE..TRADE AT YOUR OWN RISK.
forming a cup and handle which is a reversal pattern.
Note that the handle range is subjective and can form as low as 4200 $
once the cup and handle breaks above the target is equal to the cup hight which sets it around 7900$ level
a clear negatove correlation between the dollar index dxy and BTC. DXY dipped last year..a new bull run to 100 and above would lead to longer bear market for BTC and lower price levels to 3k..if this move is just a dead cat bounce for DXY then a new bull run for BTC is on the horizon !