Will it Bounce or Penetrate the Upper Triangle Boundary?
As I usually do, this chart analysis is as simple as it gets. No crazy scribbled up lines and geometric shapes cluttering the screen are necessary.
There is a downward channel making a flag formation from the high point after the breakout. The line you see is the top line of the massive triangle LTC has been forming over the past several months. Since we have broken through the top of that triangle, we're going to find out what the next move is very soon.
IF Litecoin continues to fall, one of two things will happen: It will bounce off of the upper triangle support line, or it will penetrate it. If it bounces off that upper line, it will probably reveal a critical support. I will be 90% ready to call this a bull market if that happens. If it penetrates the upper triangle line, I'm not so confident about the bull market. That will probably mean a bit more time for the correction before the breakout happens. It looks to me like $114 is the next critical support if we violate that upper limit. That would keep us within the massive triangle. If that's all the rest of what we've got of this bear market, the breakout will happen right before the apex of the triangle. But if it pokes through the BOTTOM line, well, it's going to be a Snickers bar moment. Because we're gonna be here a while!
What are your thoughts?
There is a downward channel making a flag formation from the high point after the breakout. The line you see is the top line of the massive triangle LTC has been forming over the past several months. Since we have broken through the top of that triangle, we're going to find out what the next move is very soon.
IF Litecoin continues to fall, one of two things will happen: It will bounce off of the upper triangle support line, or it will penetrate it. If it bounces off that upper line, it will probably reveal a critical support. I will be 90% ready to call this a bull market if that happens. If it penetrates the upper triangle line, I'm not so confident about the bull market. That will probably mean a bit more time for the correction before the breakout happens. It looks to me like $114 is the next critical support if we violate that upper limit. That would keep us within the massive triangle. If that's all the rest of what we've got of this bear market, the breakout will happen right before the apex of the triangle. But if it pokes through the BOTTOM line, well, it's going to be a Snickers bar moment. Because we're gonna be here a while!
What are your thoughts?