An interesting development is forming. It looks like our downtrend is beginning to consolidate and we are poised for either a big drop or a nice bounce back up.
I have no idea what is going to happen and am planning positions for both.
After a wild ride down, the bottom price for BTC has stabilized and has been more/less flat for the past two months.
This brings us in line with some of the longer term trend lines, and BTC will likely hangout in this range for a while.
LTC is nearing the end of the downward range and is more/less bouncing on the long term support.
With a mid-range RSI, we are poised for a potential breakout at ~$130.
Make sure to set a good stop loss though, as the long term triangle is also near its end.
LTC is still trading within the range earlier identified, but will meet major support at ~$124 as it reaches a long term trend line.
It should bounce off the support, and will be in position for a potential breakout from the current range.
The short term trend reversal shows the potential for a LTC breakout. If it breaks out, it will likely hit the larger support around $175, and use the current support as new resistance.
BTC is still showing a clear downtrend and is looking to hit the support near $9,000. It is posed for resuming the downtrend after reaching support; however, the reversal of the short term trend shows that it may be poised for a breakout.
The bears are growing and the downtrend is increasing pace. I'm not seeing any major resistance until we hit the long term resistance line at roughly $5,700.
Continuing downtrend of LTC shows a potential drop to $80 before converging with longterm price trend.
Downtrend expected to bounce to $140 before resuming downward direction.
The current trend indicates a potential drop to $5k before a solid break out pattern emerging. The bounce will likely encounter heavy resistance at $8k.
