LTC bulls on fireFirst reliable breakout signal off the downtrend after the long 7 months bear market for Litecoin. (Correction from 48 USD -> 3.3 USD. 14x decrease in price)
We also have a double bottom made on 22.10 CNY (3.3 USD).
This is an extremely good risk/reward place to be taking position on Litecoin with stops at 21.69 CNY.
Mtgox
Bitcoin in its shadowAll in the chart, self explanatory :)
Strategy for the next few days: Sell the rally, buy the dip.
When Good Trend Lines turn Bad!Well at least it's still pointing upwards! I have been thinking about how to display this data since we breached the 'current' longterm trend line (in indigo) back on the 11th of August 2014, and came up with this chart. Seems Bitcoin's USD price history is one of major trend line destruction. Good news for bulls I guess is in 5 out of the 6 times we crossed these major trend lines, we weren’t too far from a new major leg up in pricing. Bears just can’t resist those cheap coins for very long. Looking backwards to look forwards, I’m thinking the closest similar breech to this last one, is the green line.
I'll try and update some other more in depth observations, particularly on the spacing between breaches, a little bit later on.
Credit to munkeefonix for his excellent time corrected historic Mt Gox data:
