LTC has formed the strongest and most assured breakout pattern - the Parabolic Breakout and Symmetrical Triangle - with a breakout target of $600. This parabolic breakout pattern represents some of the largest gains possible.
A successful breakout is almost guaranteed - failure is rare and most often occurs between 50% and 75% into the contracting wedge.
According to Elliot Wave Theory we should see a bullish upward breakout with this pattern
Its been a long bumpy ride but at this point the weak holders are finishing up selling and, we have gathered the accumulation and interest for the next leg. Dip buyers will rush to the market while the price is cheap and there should be a massive increase in volume on the breakout.
We will be looking for a drop in volume and will be guided by the moving averages.
Dip buyers can get start getting now while the price is cheap.
Breakout buyers can wait for confirmation by verifying volume or a price spike (say 3%) after breaking the upper resistance line which is currently trending downward from the upper 280s as the approach toward the apex nears.
Break out target is set by measuring distance of the widest part of the triangle, which will different by exchange.
Bit stamp had a high of 375 was which time the lower resistance line was 162 which gives a triangle height of 213 when added to the previous 375 high gives a target of 588.
Coinbase/GDAX has a high of 420 at which time the lower resistance was around 145 giving a breakout target of 275 above the previous 420 high to a target of 695.
For LTC BTC tradders, a parabolic breakout pattern has formed as well but not as strong as this one but a substantial gain against BTC is expected.
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Keep an eye out for an LTC breakout here. A cup has formed and there is an ascending triangle attempting to complete the handle. Technicals are looking good and volume has disappeared.
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LTC ticked up out of the cup and handle.
Volume is still low. Looking for the bulls to step in and take it up to $260 where the might be some profit taking.
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Beautiful green candle stick on the LTC 30 minute chart.
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Eth and Btc have fallen as sleep. In the mean time LTC is making moves. Here's the latest against BTC.
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LTC Breaking out! Straight through 260 and making gains against btc.
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LTC breaking out. Straight through 260 and making large gains against BTC.
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LTC approaching critical resistance level against BTC now. It needs to break through or have big brother start moving alongside it to keep the breakout against the USD going.
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Possible double top or bear trap with LTC/BTC. At critical MA resistance to move up from here and volume is quite. If the bears don't dump we'll continue.
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Bulls are at work here. Coming out of a deep inverted head and shoulders following the crypto panic. Technical are trending upward so we should see nice price movement.
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We have to be careful here. The rally looks like it is running out of steam. A rising wedge has formed and there is a divergence between the technicals and the price both indicating downward price action.
If you look at the over all chart it takes LTC about 70+/- days to complete a cycle and the time has come .. get it while it's cheap
janek.bobula
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man u know A is the first correction wave not the whole 12345 growing wave?
konrir
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what sort of timeline are we looking to hit these targets? thank you
vikig8
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Agree !
2018 - LTC Time!!
janek.bobula
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i agree though
MikeBubuFei
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Is the low volume a good sign?
28carslater
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Price has to be above MA to breakout up from what I read. Volume should diminish but volume has gone down intraday. 25% chance of reversal. RSI looks ok. Where is MACD? Needs to hold 260ish as MA adjusts. Need further confirmation. 1/11-1/12 might offer some. Position: Long LTC.
Breakout Timeframe: The ideal breakout point occurs 1/2 to 3/4 of the way through the pattern's development or time-span. The time-span of the pattern can be measured from the apex (convergence of upper and lower lines) back to the beginning of the lower trend line (base). A break before the 1/2 way point might be premature and a break too close to the apex may be insignificant. After all, as the apex approaches, a breakout must occur sometime.
In Technical Analysis of Stock Trends (1948), Edwards and Magee suggest that roughly 75% of symmetrical triangles are continuation patterns and the rest mark reversals. The reversal patterns can be especially difficult to analyze and often have false breakouts. Even so, we should not anticipate the direction of the breakout, but rather wait for it to happen. Further analysis should be applied to the breakout by looking for gaps, accelerated price movements, and volume for confirmation. Confirmation is especially important for upside breakouts.