LTC $695 - Parabolic Break Out - Last Chance For Discount Prices
Updated
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.
More details on the pattern here: ibankcoin.com/chart_addict/2009/05/11/7-common-breakout-patterns-educational/
Details on picking a price target: stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation
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.
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.
More details on the pattern here: ibankcoin.com/chart_addict/2009/05/11/7-common-breakout-patterns-educational/
Details on picking a price target: stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation
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.
Note
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. Note
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.
Note
Beautiful green candle stick on the LTC 30 minute chart. Note
Eth and Btc have fallen as sleep. In the mean time LTC is making moves. Here's the latest against BTC.Note
LTC Breaking out! Straight through 260 and making gains against btc.Note
LTC breaking out. Straight through 260 and making large gains against BTC.Note
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. Note
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.Note
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. Note
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.
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