The BTC/USD price has come back on the hourly chart on pretty thin volume but it is still building.
It was a pretty convincing break at 4 am London time last night.
The value area on the chart stands at 10,299.00 and there is the potential that price could come all the way back there.
The base case scenario is a test of the formation and a move back to lower level.
Ethereum is on an 8-day winning streak if it closes in the green today. Yesterday the shooting star pattern formed yesterday failed to materialize after lower prices were rejected earlier on.
Price is now headed to the current mean value area for this distribution and there is the potential that there could be a rejection.
The good point is that the volume is still high and the bulls could carry the price past the next resistance.
Litecoin has retraced from Wednesday's high of $79.15 to trade at $74.37 by the time of writing. The fifth-largest coin with the current market value of $4.7 billion has lost nearly 2% of its value in recent 24 hours and decreased by 4.5% since the beginning of the day.
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