Well, over the past week it has broadly held the spike up and has also seen the 5% retracement needed which extended for a minimum of 1 week. We are now in a good setup for a potential long position in the market.
What I want to see next is to see bitcoin break and close above the 244.50 level (BTC / USD 12 hour period close). I want to see this confirmed by a break and close above the 1.883 level in litecoin (LTC / USD 12 hour close).
Note – I want confirmation on both markets before pulling the trigger. If we get that confirmation I will be taking a position in both markets (75% into BTC / USD, 25% into LTC / USD).
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