BTC is undecided at the moment where it wants to go. If you ask the bulls this baby is going to 6k's, you ask the bears we are going down to 1.8k's. The truth is that no one really knows, and its all speculations. But lets try to put things into perspective. What does BTC have right now that would make us think is going up and not down? Well, I will try to look at this as a bull. First BTC has stayed over $4100 for the last 6 to 7 days, this means a lot of support at around that price. Also BTC has a history of being very bullish and recovering from drops like the one the just happened starting Sept 2 until sept 15. I break over $4500 which at the moment is a HUGE resistance will give BTC some wings to fly and test ALL Time High, but only if the volume supports it. A break above the ATH will allow BTC to head over the 6k's. Now, why would BTC go down? There are a few reasons for it to take a HUGE dive. First, BTC has not been able to stay over $4400 for over a day since Sept 8th. The volume has drop consistently since the rally back on the 15th and if history is any indication then the drop back in June 6th is a clear tell of how low BTC can go. Right now as I write this BTC is at $4372 on Bitfinex, if BTC doesn't make a run over $4500 very soon, we will start seeing a steady drop down to test the lows around $2980. A break below $2980, is a bad sign and BTC may be repeating the same pattern as what we saw back on June 6th.
I am not currently trading BTC, I am on the other hand shorting LTC.
Trade ist aktiv
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BTC broke above the ATH, this means we are moving up to the 6k maybe even higher. I closed my short on LTC at around $49 and I am now long LTC from $52. I am bull for the time being.
@oymer007, I believe it should at least reach $58's for the short term. LTC has always reacted a little slow, but when it moves it moves hard. A test of the ATH should be coming soon, considering BTC just created an new ATH.
bitiii
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Looks like we just formed a double top on the 4 hr. If it holds then best to be short