Scenario 1: It'll breakout upwards IF BTC can break out of $11.5-11.7k out of it's major Log downtrend line.
BTC has a scenario that if it fails it this breakout it can retrace back to $8k around the dates of March 8-10. Ironically LTC has a very possible scenario to form a instead of a if it fails the breakout bringing it back to re-test the break out.
Also this scenario is supported by the formation. Base formation price of the = retrace of the breakdown which = exactly to the price of the breakout for a retest.
Scenario 2: BTC breaks out of it's major log downtrend line around 11.5-11.7 I do see BTC targeting these levels as it also formed a broke down and retraced the price of the base of the . It then formed a ( ) and broke out upwards which it "should" make it re-target the previous top from the risiing breakdown = ~11,600 which again, ironically makes it meet with it's log downtrend resistance. IF it breaks that will most likely make LTC breakout upwards as well from $216 Resistance.
This will be one exciting weekend to follow. Practice risk management and trade what you see not what you feel.
Remember patterns inside patterns don't win.
IF the do fail a breakout, charting the on both LTC and BTC do show that March 8-10 can be zone of reloading.
Don't trade off this chart. It's only possible scenarios.
Here is my previous LTC analyses that I was updating on the daily.
Nothing has changed besides new updates.
Decisions are getting closer as BTC meets with it's first resistance at 11485 (currently 11432 as I update this) I'll add to my Longs after a break & Retest
If it breaks down off the triangle = red candles.
It'll depend on BTC if it breaks down from it's rising wedge.
BTC outlook. Called the Rising wedge earlier.
I've been calling this crash since Feb. 15 on my original BTC post. I stated a major retrace will happen between March 6 - March 10.
Price bounced off $168 and currently at 10%+ profits :)
Keep a close eye on this as when a big time frame candle closes it dumps harder than what it pumps.
$201 holds support. If that fails next stop is 195-196.