Updated

[LTCUSD] Consolidation Pattern Coming to and End Soon?

LTC appears to have formed a symmetrical triangle in its consolidation period following its big run. Now with the Litecoin Cash fork passed, and the price holding above the rising lower trend line, it looks like the 5 wave contracting correction pattern is coming to its end. I am expecting a breakout above this triangle in the next wave, but Wave E could actually be part of Wave D which could mean another wave cycle inside the triangle before a breakout. If a price action can sustain levels above $225-$230, return to the previous bull trend is likely with a flag/pennant target price of $290, roughly. There is still plenty of opportunity for resistance before that though, the green and red upper trend lines in the $240-$260 range for example. If price movements continue past this range then we can easily go up towards the $300 area, in my opinion.

Thanks for checking out my analysis, please let me know any feedback/criticisms you have!

*This is not a recommendation to buy or sell, trade at your own risk*

Note

LTC broke out of the triangle! Currently it is pulling back slightly right after bouncing off the red downtrend line, but the momentum and volume is promising a quick turn around to continue upwards towards the target price. Another resistance comes at the next upper trend line in green.

Remember that it's still possible for price to fall back and hold below these trend lines, it was looking as if Wave E wasn't gonna end with a bull run but it rocketed up with no warning. So trade safely, anything could happen!

NYFinancials

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NYFinancials