LTC/BTC Breakout Offering High Probability Trade

In this chart we're looking at LTCBTC on the 1D chart as price has consolidated into a rectangle. Price has broken through the horizontal boundary at 7799. A breakout will be confirmed once price prints a 1D candle above the 7916 price line. I love to see price consolidate right below the chart pattern boundary before breakout occurs. This gives a great area to look to place a stop loss; offering a solid risk/reward ratio for this setup.

This rectangle has a price target of around 9425 for about a 21% gain.

I think a small pullback is probable once breakout is confirmed. If this happens, I will be looking for entry around the chart pattern boundary.

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