LTC/USD -Diamond Top - could be price drop to 160$
All in place:
- Upward move leading to the pattern.
- Looks like a diamond, but one usually tilted to the side.
- Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines connect the peaks and valleys for a diamond shape.
- Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers.
- Downward volume trend 67% of the time.
- Downward breakout 69% of the time.
This information is not a recommendation to buy or sell.
All in place:
- Upward move leading to the pattern.
- Looks like a diamond, but one usually tilted to the side.
- Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines connect the peaks and valleys for a diamond shape.
- Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers.
- Downward volume trend 67% of the time.
- Downward breakout 69% of the time.
This information is not a recommendation to buy or sell.
Commento:
1H chart pattern still valid
Commento:
LTC broke the resistance of diamond. On the way down.
Commento:
Pattern still valid
Commento:
Pattern failed
Commento:
I do think I was too quick on my judgement that this pattern failed. Looks like market was cheating on us.
Commento:
To everyone following this idea - please be aware that if price drop to target level (160) it does not mean that it will bounce of. Diamond Top is a reversal pattern and might carry on dropping to first proper support.
Commento:
Target Reached