Hey fellow traders!
OK, so that initial ascending triangle I drew did not work out so well.. It broke below the trendline with a decent amount of selling volume. It has continued to stay below 233 and now sits below the MA26. I drew a second trendline that extends the ascending triangle out a little further. We need to keep watching this and the volume to determine if it has a chance to break out to the upside and continue that bullish momentum. I have drawn lines over the volume to show the decreasing buying volume while the selling volume remains constant.
*Keep in mind, the LTC fork may also have something to do with the buying/selling, the last few days but the trend is the trend. Volume and price action are key.
A break below this trendline would probably send it to 208 and possibly break further to 189.
-CrypToNY026
OK, so that initial ascending triangle I drew did not work out so well.. It broke below the trendline with a decent amount of selling volume. It has continued to stay below 233 and now sits below the MA26. I drew a second trendline that extends the ascending triangle out a little further. We need to keep watching this and the volume to determine if it has a chance to break out to the upside and continue that bullish momentum. I have drawn lines over the volume to show the decreasing buying volume while the selling volume remains constant.
*Keep in mind, the LTC fork may also have something to do with the buying/selling, the last few days but the trend is the trend. Volume and price action are key.
A break below this trendline would probably send it to 208 and possibly break further to 189.
-CrypToNY026
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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.
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.