I am not suggesting it will happen, but I am seeing some of the leading cryptos (Bitcoin, Litecoin, and Ethereum) poised to dump this weekend. In addition to all remaining in bearish chart patterns:
-Ethereum has fallen below .618 fib retracement and the $275-$280 support level. -Bitcoin has dropped below it's longer term bullish channel yesterday evening -Litecoin has dropped below it's 6 month bullish channel yesterday evening
They all seem to want to move down and touch our 200 MA. And while Ethereum and Bitcoin have some big supports to work through until they get there, Litecoin has easier work of it and very well could get there in the next days/weeks.
Whether they dump or not this weekend, I think the downward trend has definitely been validated on my charts and until we escape these bearish wedges/channels, I, for one, will not be looking to reposition just yet. Greater discounts are on their way!
Given it appears to have now found support on the Bullish channel - would you treat this as a signal to buy?
As always - appreciate your analysis and frequent updates!
stewdamus
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@Rasper, Technically, you are exactly right. I should be a buyer here. But there is still something that smells fishy. I am trying to figure out what that is this morning. If I buy, I'll only stick my toes in the water and I'll create a new post when I do so. Like I said though, my gut is telling me to really be cautious here. I don't think we are out of the wood yet.
Rasper
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Could we be set to finally hit that 38.29 mark!
stewdamus
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@Rasper, Obviously, I am a contrarian with this post. but the answer is, yes, I think so. It will come. Wait for it.
As always - appreciate your analysis and frequent updates!