LTCUSD $Bitstamp C&H #long
LTC has a perfect C&H and obeyed 38.2% retrace (61.8% fibo on chart because it's extension fibo), without dropping low to 50% fibo and so invalidating the pattern. The handle was drawn with a channel tool and it's perfect one too, maybe need a leg down to find E from ABCDE, but can't drop to 50% fibo (again, that would invalidate pattern, but not ruin the potential uptrend).
Targets are drawn on chart with fibs and arrows, the last one (200% fibo) is long term (which in the scenario we stand could really be mid-term) and algo fibo is 178% which should see a temporary sell off depending of the strength of uptrend.
All in all this pattern is traded once we have confirmation (breaking top of cup and testing it), but there's a good potential here and RSI bullish hidden divergence.
Targets are drawn on chart with fibs and arrows, the last one (200% fibo) is long term (which in the scenario we stand could really be mid-term) and algo fibo is 178% which should see a temporary sell off depending of the strength of uptrend.
All in all this pattern is traded once we have confirmation (breaking top of cup and testing it), but there's a good potential here and RSI bullish hidden divergence.
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