#50 - And so it goes
What is up everyone? Another day, another analysis coming your way (you know how it goes, we don't play).
Anyway, it seems that Bitcoin is indeed on the trajected path:
After being rejected from the 11.7k level and breaking down of the rising wedge, it would be nice to see the price touch the blue box and stay above the 9200$ level, forming our 2L of our HVF.
In case you don't have no clue of what a HVF is, check out the post where I go over the basis of HVF Theory and what characteristics of price behavior I am looking for on a chart:
https://steemit.com/trading/@beindependentbb/19-what-is-the-hunt-volatility-funnel-hvf
Also, as mentioned yesterday, such a Bitcoin move would cause Litecoin to reduce in price as well, with the price currently resting at the 0.236 Fibonacci retracement, a very healthy display for continuation to the upside.
Above you can see that we have formed out 2L and I'll keep you posted for what will be the 3rd call on Litecoin in the past few days.
Yes, sometimes I'm wrong.
I agree with you, and I think we might have some rough days ahead of us, while BTC price was going up most of the other altcoins were going down, which is not normal, I´m worried about what's going to happen now that BTC is getting a small correction from this last try to break a new resistance line.
The LTC case, I don´t trade or invest on it, but I must say that LTC is looking good to surpass BCH this year. (in market cap)
The plan is to see if it holds above the previous low at 9200$. In case that is broken we are in bear territory imo. Until then this is just a healthy correction with the market getting rid of some weak hands before moving onwards.
Both BCH and LTC are setting up for moves. Will keep you posted on those.
Um abraço :)