LTC Symmetrical Triangle Formation
Updated
Looking at the four-hour chart, we can see that a symmetrical triangle has been developed because all major criteria has been met.
(1) An established bullish trend exists.
(2) Volume has diminished throughout the creation of the formation.
(3) The breakout will happen after 1/2 of the formation.
(4) We have at least 6 points touching our resistance and support lines total.
Since we have 3 touches to our trend lines on each, we should expect a breakout soon. I expect this breakout to be bullish since we have so much support from the 50 EMA and 200 EMA, including support from the green support trend line. I expect to reach the $272 as a price target.
-JZ
(1) An established bullish trend exists.
(2) Volume has diminished throughout the creation of the formation.
(3) The breakout will happen after 1/2 of the formation.
(4) We have at least 6 points touching our resistance and support lines total.
Since we have 3 touches to our trend lines on each, we should expect a breakout soon. I expect this breakout to be bullish since we have so much support from the 50 EMA and 200 EMA, including support from the green support trend line. I expect to reach the $272 as a price target.
-JZ
Note
Take a look at the volume. /Users/jackzumwalt/Desktop/Screen Shot 2018-02-19 at 2.05.41 PM.png
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.