Triangle Formation - Decision point inbound
Updated
I've just noticed this, strong support and a short term resistance forming a triangle to be broken. Given the strength of the support line, if it's broken downward I'll take that as a decision to go short, otherwise holding and staying long even if it breaks through sideways. But in any case, the news seems good in that we will know either way where the trend is going when this is completed. It would be a positive to see LTCBTC dictating USD cost as opposed to being stuck with BTC's movements, the break up might give us a chance to break the recent high of 36$, and from there the ATH of 48$ isn't all that far away.
As always, good luck.
As always, good luck.
Note
Looking good, bit early on my part as candle needs to close outside the resistance to confirm. But also refer to idea of the short term resistance at .01175 on the fib, and it looks as if we're breaking through there as well.
Good buy volume on BTCE seems to confirm as well.
Hopefully all works out as expected, and as always good luck.
Note
As originally stated, I said I'd hold and stay long even if it went sideways through the triangle....which is what happened sadly as it would have been nice to see the triangle hold. None the less, the trade remains open, and today's spike hit off one of the lower fibs that is still valid:
We've held close to 0.01 over the last two weeks now with nothing to indicate any danger of the price breaking down. With today's testing of the first fibs, and news due on Bitstamp's addition of LTC this week, we have cause to be optimistic to see some movement in the days ahead.
Good hunting and good luck.
Note
So it's not exploding, nor is this outlook dying. As you can see from the following, the fibs are good guides, and as well as that CM slingshot is turning positive. As BTC is dropping, LTCBTC is holding really well meaning that there are enough players out there willing to treat LTC as a hedge.The play continues...
Note
Is this me making the facts fit my opinion, or my opinion fitting the facts?You decide!
i.imgur.com/7FJX6lt.png
Note
Fortune favors the patient!Overlapping fibs for major support resistance.
If you can't make money during a bear market, you won't have the will to take profits during a bull market.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.