Lite coin breaking out up above 1hr chart bull pennant

Updated

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.

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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

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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.

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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.

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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.

DrDovetail

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