Bitcoin still looking to have turned the corner after that strong rally. Although the market is taking a little breather now, the way it is pushing up through my horizontal dotted resistance is quite nice.
Heres a bitstamp chart showing latest action with 4hour candles.
Note the way the rally ended when it reached one of my green trendlines, giving me yet more confidence of that slope.
What is intriguing me at the moment is another chart pattern, after the inverse head and shoulders is that looking like a cup has formed? Will price drop and give us a handle?
I guess the target of that pattern completing would be up above $600. Lets see if I can do it again! 😀
A while back I posted a chart of Litecoin / Bitcoin ratio which I thought might be nice to revisit, so here it is again.
It is looking like that ratio is still following the script and litecoin may be destined to lag behind bitcoin for a while but I’m thinking might get into some litecoin before too long, if history repeats it could look pretty sweet.