BTC/USD Analysis
Still within the larger term downtrending channel (blue). On the shorter term, were seeing a clear consolidation form a triangle pattern. This sym triangle has a 50/50 chance of breaking up or down. Overall, I’m leaning a bit bearish but I have buys set above the resistance incase of a bull break. Measured move of the bearish break would result in price meeting the 0.78 fib zone + channel support + bear range equilibrium to complete W5 of the larger degree C wave. There is a lot of confluence within this range.
If you take a look at the full trading range from high to low we can see it is split into a few different channels that have great examples of S/R flips. Starting with the equilibrium we can see the price bouncing off the $3800 level multiple times before breaking through it. Once it broke through we have been stuck below it and successfully retested it as resistance.
LTC/USD Analysis
Same kind of setup on the shorter term for Litecoin. A clear consolidation forming a triangle pattern. On the chart below, I have noted the potential measured move’s below depending on the break; bull or bear targets.
Also, I have included the short term trading range. A break above the equilibrium + triangle resistance would signal a long trade. A break below the range low would signal a short trade.
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