After doing some analysis on COINBASE:LTCUSD We appear to be at the top of the trendline resistance. Looking for a test of the psychological support level of $50 before resuming higher if it does not break below the triangle wedge pattern.
How did you ascertain the slope of the lower trendline with a single point of reference? Usually, a line like that would be defined by touching at least three points, which would make the slope of the bottom greater for more of a rising wedge formation.
rarewalt
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@tchat, I am looking for touches of the bottom trendline over time, this is a long term analysis. I may not be correct however, so far things are moving smoothly.
tchat
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@rarewalt, Ah, I see. It's basically a projection. Thanks.
Box1515
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I'm looking at it on a shorter term as it's following BTC's general direction atm. If we see a candle outside this then I'll reevaluate.
rarewalt
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@Box1515, BTC needs to find support in order to stabilize other cryptocurrencies. I am looking for a test of the psychological support at $5000.