Bitcoin's last bullrun had multiple 30% corrections. You had to have very strong hands to ride that bull. This bullrun has yet to have ONE single major correction, lulling all of us into a false sense of security. NO! History proves there will always be corrections! Bitcoin will still be Bitcoin and there is still a chance to buy 4 digit Bitcoin. Patience is key!
Imagine if 2019 was the actual first lower low. What if we're starting a new channel. What if you bought 8900 and are just waiting for the correction to be over? Are you prepared to "HODL" for a couple more years?
Now that we have 5 complete waves up, will light coin continue on its path to moondom or is it time for a .618 retrace of the entire structure? With BTC looking pretty topped out short term, it may be a good time to be short.
BCH Hit 1.618 on this wave 3. This recent volume is a good time to make some plays. Wave 1 retraced to .382 level so wave 3 is likely to retrace to .5-.618 level which is $444 to $440. RSI touched 90 on the 1hr and now there is bearish divergence on a few time frames. Opened short at $460. 3-4% potential win.
The 2 areas of interest for me are a touch of the 55 ema and the .618 area. If you're on Coinbase, you'll notice a lot buys are bunched up around the .80 to .85 cent range. So are mine lol. Volume is way up for this coin as is volatility. Perfect coin to trade. Stay safe!
If you missed the bottom in August it would be silly to go long now. My plan is to either wait for breakout above resistance or go short after a hard rejection. Since this still early in the bear market. My bet is definitely on another trip down.
This bearish resistance looks like it is taking it's toll on poor little litecoin right now. Head and shoulders near completion. If I was into shorting, this would be a good time. But I just buy bottoms so I'll wait patiently now.
Bitcoin and Litecoin have been making some moves as of late even showing a bullish break of this valley started a week ago. However, it is still within the bearish channel from the last daily high. If we break that channel, I will go long, otherwise still waiting for one last drop before we call $73 as the bottom.
The 55ema on the 4hr has finally come down to meet LTC at the $98-$100 range. So far LTC is respecting this resistance, occasionally wicking above but not holding. I suspected continued downward pressure to finally knock LTC to the bottom of the current bearish channel. Additionally, RSI is trending up while price remains level. This previously forshadowed...
I appears litecoin has been riding the top of the this shortterm downward channel so long that now we're coming close to the bottom of the upward channel from last months bottom. Decisions will be made today.