Based on September rise and fall of LTC I found out following data to consider in order to current rise:
The rise lasted for 17 days and price change was around 122%
The fall lasted for 13 days with price change around -60%
Given this information, I analyze the current situation. It seems that correction possible will come during 10 days or so and target price will be 300 * ( 1- 0.6) = 120.
Check out some others opinions on shorting
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At the top of triangle. Where next?
Comment
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As it was predicted price decreased. Time to buy I guess)
IMHO you cannot compare the September rise and fall of LTC to the current situation. Back in September there was the "China Ban". I agree there is a correction going on, because of the BTC rise. And LTC needs some kind of correction to be able to continue a rise. note: I'm not a trader nor do I know TA.
TimDeleeuw
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@michelvankessel, just some common sense is enough. It needs more accumulation. Whales will shake out some weak hands during that phase and smart money will buy the dump. After that we will see 500+.
DavidSanchez
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Agree. Following the same trent as BTC.
Trades999
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Great analysis, we just broke the triangle downwards.