BTC LTC Pair still going down... Or is it a bounce?
As the trading pair flirts with the lower support near 1580-1600 we see that it is in a solid downward channel (bold lines). Will it break down to 1500? Will it bounce? Only BTC and LTC (respectively) will tell us after the market figures itself out. Are they married or going through a separation? At a crossroads. It will either bounce up and now is a great time to buy (I'm all in after it touch support) or will it drop down to next major support? We shall see, but the TA is pointing down a bit more or maybe a small consolidation at current level before a breakout can be considered or shift to an uptrend. - IMHO looking at the charts. I'd suggest grabbing a small amount but don't go all in until we see what it does. Maybe check other TA i am not posting on my charts to confirm a solid position or not.
The double signals of MFI and RSI (depending on the time frame) have signaled for buys then peak too fast and without major price movement like we have seen for previous charts during a bear market/down trend when trying to find it's bottom and/or during consolidation periods. We shall see what happens. I am in for the long haul, for sure, but I am wondering if this will be a move down for the near future or just a stubborn bounce.
For the sideways channel of 1600-1800 we see that this is still normal and waiting for a bounce...however the last leg up was more of a stumble up not making it that close to 1700. This says to me that there is more sellers than buyers and the market may go down. I am happy to be wrong on this interpretation. I am thrilled for the price to rise actually, but I am not optimistic it will moon in the next 24 hours. . . I offer my chart with lines and my stance is all in (with this trading pair at least) and hope it stays or bounces up. But there is a chance it will go down. I hope for the former but think the latter.
Be safe, seek out your own ideas or check across other's chart before taking any action based solely on this TA and opinion. I do little more than draw channels, supports lines, and recognize patters.
The double signals of MFI and RSI (depending on the time frame) have signaled for buys then peak too fast and without major price movement like we have seen for previous charts during a bear market/down trend when trying to find it's bottom and/or during consolidation periods. We shall see what happens. I am in for the long haul, for sure, but I am wondering if this will be a move down for the near future or just a stubborn bounce.
For the sideways channel of 1600-1800 we see that this is still normal and waiting for a bounce...however the last leg up was more of a stumble up not making it that close to 1700. This says to me that there is more sellers than buyers and the market may go down. I am happy to be wrong on this interpretation. I am thrilled for the price to rise actually, but I am not optimistic it will moon in the next 24 hours. . . I offer my chart with lines and my stance is all in (with this trading pair at least) and hope it stays or bounces up. But there is a chance it will go down. I hope for the former but think the latter.
Be safe, seek out your own ideas or check across other's chart before taking any action based solely on this TA and opinion. I do little more than draw channels, supports lines, and recognize patters.
Ignore all that crap new update. still in channel but tested breaking upwards.. we shall see!