take a look...My guess is it will break outward...Litecoin has been outperforming even bitcoin recently...one of the few coins right now to do so...most coins have not been unilaterally following bitcoins meteoric rise...must have a lot to do with litepay. Anyways highest probability is it breaks upward out of this pennant and seeing how its reaching the end of the pennant we should know within the hour. Because Litecoin has been up percentage wise against btc the last couple days and eth and bitcoincash have both been down...I've swapped most of my position on eth and btccash to bitcoin and then a chunk of my bitcoin to litecoin. will put back in my regular positions once I see the percentages rise to the green against their btc pairings.
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it appears to have broken under the bull flag...guessing its due for a retracement.
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I redrew the triangle readjusting the bottomtrendline at the tip of the lowest red wick...in doing that the triangle is still valid. hoping that it still breaks upward.
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breaching the top line of the triangle now like I originally anticipated...let's see if it can close above it and the next hourly candle close above it as well.
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great signs so far looks liek we'll be getting a confirmed upward breakout.
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it appears one of 2 things has occured here. Either we have been blindsided and bamboozled by a bear trap...or there is still a slim chance that the bottom trendline of the triangle pattern should actually be drawn from the base of the tall green candle....in which case the triangle pattern is still valid and we have had neither a breakout down or up yet and instead of a bull pennant it is just one big symettrical triangle. tread cautiously and if the price breaks out further below the big green starting candle of the triangle and closes below it's an absolute bearish break. so maybe set a stop loss below that green candle.
This completely backfired and was a bear trap unfortunately plummeted which triggered many auto sells. I still think LTC will likely bounce back from this after some overdue consolidation from its extended run. However the drop compeltely blind sided me because the candle was so far above the pennant before it crashed..I typically wait for that candle to close and then an additional candle to close before I call a breakout...in this situation I got a little overzealous. Such is technical analysis...it's never 100% reliable.
DrDovetail
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@DrDovetail, however there is still a slim chance that the bottom line of the triangle should be drawn from the base of the tall green candle....in which case the triangle pattern is still valid and we have had neither a breakout down or up yet and isntead of a bull pennant it is just one big symettrical triangle.