thomas58700

LTC Pennant, Back Up to Horizontal Resistance Line

BITFINEX:LTCBTC   Litecoin / Bitcoin
Outlined above is the fib retracement of the LTC pennant . The blue dashed horizontal line is the center of oscillation around which the pennant and other resistance lines have formed. LTC could challenge the top or bottom of the triangle, but due to the bull pennant it should break out the top. LTC has been slow moving and it'll be interesting to see where it heads next. I do not recommend buying in currently, wait for it to break the triangle as LTC has the potential to drop as I don't believe there is much backing this rise. We may have built up enough momentum to challenge a break out of the pennant by Feb 19th.

I'll also be watching to see if it breaks the horizontal trendline ( gold             dashed line) as that would lead into a further run. I've outlined some possible paths it could take (the paths being in waves of course, not just straight up-trends).

I think we'll see a low of 0.0155 and that could be a decent buy-in after it reflects off of the bottom trend, then wait for it to touch the top trend line before selling or holding into a further break-out situation.

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Kommentar: Fyi this broke the top of the pennant then began making another flag.
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