Well the Mt Gox news appears to have had an impact on the markets this week. After news came out Wednesday that thousands of Bitcoins have been selling off since December, and approx. 60K more are still going to be sold...we saw a steep drop which appears to have bottomed out around 165 on Thursday night.
On today's TA, we're looking at a potential Friday run. Using Elliot wave and December resistance levels, Hoping to see a bounce to around 180 range, and drop back to former resistance levels around 175, and HOPEFULLY finish out in the 208-210 range. This is about where the week started on Monday. If this sets up nicely over the weekend, we could be setting up an inverse Head & Shoulders pattern...with this weekend creating the head. While total speculation, if this is the case, we may see one more dip next week (buying opportunity) followed by a bounce to complete a head and shoulders pattern and an uptrend.
This is only a potential setup. Obviously anything can happen in this space, and FUD has dominated the news over the past several weeks. It's fairly evident that most cryptos are following BTC's lead, so keep an eye on big brother as well. As a HODLer with some higher priced coins stuck in la la land, it sure would be nice to see crypto's pick up some steam soon.
This is in no way investment advice. This is only an opinion and idea. Do your own research.
On today's TA, we're looking at a potential Friday run. Using Elliot wave and December resistance levels, Hoping to see a bounce to around 180 range, and drop back to former resistance levels around 175, and HOPEFULLY finish out in the 208-210 range. This is about where the week started on Monday. If this sets up nicely over the weekend, we could be setting up an inverse Head & Shoulders pattern...with this weekend creating the head. While total speculation, if this is the case, we may see one more dip next week (buying opportunity) followed by a bounce to complete a head and shoulders pattern and an uptrend.
This is only a potential setup. Obviously anything can happen in this space, and FUD has dominated the news over the past several weeks. It's fairly evident that most cryptos are following BTC's lead, so keep an eye on big brother as well. As a HODLer with some higher priced coins stuck in la la land, it sure would be nice to see crypto's pick up some steam soon.
This is in no way investment advice. This is only an opinion and idea. Do your own research.
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Okay. While it happened at lower levels than suggested, it looks like the Head & Shoulders completed overnight on Saturday. So here we are...Sunday morning, sitting around 186. If the H&S holds, we may see a nice jump today. Now targeting the .618 Fib line around 215 instead of the .5 Fib line at 258 range. If we hit the 215 price will be watching carefully throughout the week in hopes of a long run on the upside. Really hoping for long run up at this point.
If support doesn't take us to $215 level, we could be stuck in a new downtrend level which started when LTC made a bull flag bounce out of the long correction downtrend and bounced up and down during the past couple of weeks. If this is the case, will be playing the tops and bottoms of the downtrend. Good luck trading.
If support doesn't take us to $215 level, we could be stuck in a new downtrend level which started when LTC made a bull flag bounce out of the long correction downtrend and bounced up and down during the past couple of weeks. If this is the case, will be playing the tops and bottoms of the downtrend. Good luck trading.
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Well that was a bad update. Must be too early with daylight savings time. Actually, the Head completed at lower levels. IF this is a 1 hr H&S forming, will see another dip during the week and hopefully a bounce to get this coin turned around on the upside. If not, we're stuck in a downtrend...just above the long downtrend which has been bleeding since ATH.