LTCUSD - Broadening Bottom (Megaphone) Pattern - Target $75
Price Target: B - D line (Approx $73)
Stop: Below the A - C - E line (Approx $42)
"Key aspects of the Broadening Bottom Pattern:
Points A, C and E should all be successively lower. That is to say, point C should be lower than point A, and point E should be lower than point C.
Point D should be higher than point B.
After the final decline (marked by point E) look for price to rise significantly.
It may be a good idea to wait for price to rise below resistance created by the BD Line for conformation."
www.tradingview.com/...ing_Tops_and_Bottoms
An Example of Broadening Bottom Pattern on AMD graph:
thepatternsite.com/i...s/BroadeningGood.JPG
Stop: Below the A - C - E line (Approx $42)
"Key aspects of the Broadening Bottom Pattern:
Points A, C and E should all be successively lower. That is to say, point C should be lower than point A, and point E should be lower than point C.
Point D should be higher than point B.
After the final decline (marked by point E) look for price to rise significantly.
It may be a good idea to wait for price to rise below resistance created by the BD Line for conformation."
www.tradingview.com/...ing_Tops_and_Bottoms
An Example of Broadening Bottom Pattern on AMD graph:
thepatternsite.com/i...s/BroadeningGood.JPG
Comment:
By the way, it will be hard to pass the resistance line at $75. We can see another decline from there. $55 (Target A) can be the next low after the bounce. I pointed it as the Target G, on the updated screenshot.
Comment:
If the target G ($55) can stay as the lowest point for a while. We can start to discuss about a new "Diamond Bottom" pattern, like this:
Now, we are on the road of the Target "F" ($75)
Stop/Cancel: After a daily close below the support line, near $44,20.