Bayraktaro
Long

LTCUSD - Broadening Bottom (Megaphone) Pattern - Target $75

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Price Target: B - D line (Approx $73)
Stop: Below the A - C - E line (Approx $42)

"Key aspects of the Broadening Bottom Pattern:
Points A, C and E should all be successively lower. That is to say, point C should be lower than point A, and point E should be lower than point C.
Point D should be higher than point B.
After the final decline (marked by point E) look for price to rise significantly.
It may be a good idea to wait for price to rise below resistance created by the BD Line for conformation."
https://www.tradingview.com/wiki/Broaden...

An Example of Broadening Bottom Pattern on AMD graph:
http://thepatternsite.com/images/Broaden...
Nov 24
Comment: Price reached to the target "E" ($44,20) :

Now, we are on the road of the Target "F" ($75)

Stop/Cancel: After a daily close below the support line, near $44,20.
Nov 24
Comment: By the way, it will be hard to pass the resistance line at $75. We can see another decline from there. $55 (Target A) can be the next low after the bounce. I pointed it as the Target G, on the updated screenshot.
Nov 24
Comment: If the target G ($55) can stay as the lowest point for a while. We can start to discuss about a new "Diamond Bottom" pattern, like this:

Comments

intresting
Reply
Bayraktaro nagihatoum
@nagihatoum, Thank you
Reply
nagihatoum Bayraktaro
@Bayraktaro, there still a dip before the bounce, but the big question is if the bounce will be sustainable like in your idea,or prices will drop again to new lows.
Reply
Bayraktaro nagihatoum
@nagihatoum, Price reached to the target "E" ($44,20). Now, according to the pattern, the Target "F" will be our next station ($75). It will be hard to pass the resistance line at $75 and we can see another decline from there. $55 (Target A) can be the next low after the bounce.
+1 Reply
Bayraktaro nagihatoum
@nagihatoum, After the bounce, if the target G ($55) can stay as the lowest point for a while. We can start to discuss about a new "Diamond Bottom" pattern, like this one:
+1 Reply
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