Of course there are some possible points of failure here so understand your own trade and when to pull the plug.
The move down in early 2017 looks like a major false breakdown / slingshot setup. The greater the false move, the greater the real move. So when it breaks out of the channel in a false move, it goes back into the channel briefly, and then shoots out the top. How do we know it was a FALSE breakdown? Because it came back into the channel.
It's just a 2 on this weekly chart, so it would take a long time to hit 9. The false breakdown only hit an 8, but the next candle would have been a 9 for a while until it broke out. On cryptos do you even have a closing price? In the recovery we hit a 9, which sent us sideways for a while.
Awesome positioning on the RSI too.
I think we're getting NEW ALL TIME HIGHS on this one.
This is the litecoin vs bitcoin price.
