Two sequential triangles during the last few months. We are narrowing in the orange triangle as we speak, which makes me bullish seeing it is a descending triangle. Being on the weekly, I expect a breakout to occur very soon, within a week or two. Bullish sentiment is picking up on twitter all across the board, so there's that. This is a big timeframe so a big range to trade through, this TA is more for longs. Could retest lower levels of support around 114 or so before going back up, but I don't think it will test the bottom of this triangle... ever..... again...
If you say I'm just posting this now because of the bullish sentiment and that I want to be a "genius" like all the rest you're wrong. I admit all the time that I'm a noob and I've just been busy with school trying to catch up on a few things. But the bullish sentiment is helping :D
"The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution."
jbutler7
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@stevenchase, Hmm. Guess I need to make more flash cards then XD. Thanks.
I still think this will break out to the upside because of the strong support near the bottom of the two triangles. It may cause a third and smaller triangle to form even. We shall see.
XUser2112
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@jbutler7, It's good that you are trying to learn. I would HIGHLY recommend checking out ICT (Inner Circle Trader) on youtube. He has got some excellent material, probably like 60+ videos that shows his specific brand of Price Action trading. Many of the formations occur because of underlying things, he does an excellent job of breaking it further down w/ Order Blocks, Breakers, Optimal Trade Entries, Institutional Order flow, the list goes on. Good Luck!
jbutler7
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@stevenchase, Thank you! I think maybe what I was trying to point out here was a double bottom? Because there's definitely hints of that in this chart, and it's breaking out above my orang-ish trendline.
XUser2112
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@jbutler7, When I look at the chart. I see a huge liquidity pool right below the 110$ level. (That's where all the retail stop-losses reside). We may run up a bit, but I strongly feel that the $110 level will be violated and we may see somewhere between 93$-40$ I.E. The limits of the MONTHLY +OB (Order Block). +OB = The first DOWN candle right before the giant move. So, personally, I don't care if we roll up to the ~150$ level (the weekly -OB), I am personally willing to buy between 40$-60$. This is where I stand right this minute. If LTC rolls up to the weekly -OB and finds new support there, I may change my tune.