PrimeXBT
Long

LTCBTC- The new trend is UP.

BINANCE:LTCBTC   Litecoin / Bitcoin
As the dominance of BTC is currently see some little retracement from its high, altcoin are starting to see some reversal to the upside(starting a new trend).
On the daily time frame, the price of LTCBTC has been consolidating for 107days inside a chart pattern called the falling wedge chart pattern.
Respecting the two trend line sloping down, the falling wedge chart pattern is a well-known chart pattern by a lot of trades because of its effective breakout and target hit.
The price trend during this formation can be any direction leading to the pattern. The shape of price follows two down-sloping and converging trendlines . Price should touch each trendline at least five times to outline a good pattern. That's 3 touches of one trendline and 2 of the opposite.
Volume trends downward 75% of the time until the breakout. Breakout can be in any direction but is upward 70% of the time.
NOTE:( Very important and has happened)
The pattern confirms as a valid one when price closes outside one of the trendlines .
Breakout level(close of the price) : 0.006921sats
Resistance 1- 0.007322
Resistance 2- 0.008241
Resistance 3- 0.009943
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Ideas published should not be referred to as an investment advice.
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