LTC seems to have formed a symmetrical triangle on the daily chart . If there is an outbreak to the upside, prices can potentially reach $470 to $500.
The following conditions have been met for the symmetrical triangle.
- The general trend of LTC is to the upside. We have consolidated in the triangle after a bullish move.
- The triangle has been formed with 3 points on each side.
- We can see the volume reducing
- The triangle has a duration of 3 months
- The breakout will be occurring at least 3/4 of the way through the pattern
Still waiting for the following.
- We are still waiting on the breakout direction. We need this to be to the upside for the prediction of $470 to $500 to be achieved. On the whole market is looking positive and news is positive from G20. The G20 summit is still going on till end of the day. As long as there are no negative news, a breakout to the upside is highly likely.
- We are still waiting on the breakout confirmation.
Let's wait and see where the breakout occurs. I am leaning towards the upside.
Any feedback and comments welcome. Still on the path of learning technical analysis .
These are just my opinion. DYOR before using anyone's opinion for trading.