Just getting started on analysis any input is welcomed pleasee!!

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
55 0
So this is a pennant and as we get closer to the tip the price is still oscillating between the support and resistance , there is a still lack of volume and people are still speculating.
As the price breaks the support/resistance line, they respectively become the resistance/support line - is that correct?

Anddd how do you calculate target priced based on fibonacci?
Thanks to anyone that will reply to helping a newbie!

Is this correct? Can anyone point me in the right direction?
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