Triangle pattern in Litecoin

LTC/USD price has formed a triangle pattern and price now challenging important resistance levels. Price is right below the upper triangle boundary. A rejection here could push price back towards $185. A break out of the triangle could lead price to $280-$300.

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Green line - medium-term support trend line

Blue lines- triangle pattern

Resistance is strong at current levels of $215. There is still room inside the triangle pattern so a rejection here and a pull back towards the green support trend line is not out of the question. I believe because to the medium-term bullish trend the chances of a break out favor bulls for an upward triangle break out. A pull back towards $185 and the support trend line and lower triangle boundary would be the last chance for a bullish trade in LTC/USD. As long as price is above the green trend line chances favor bulls and a move towards $280-$300.

The material has been provided by InstaForex Company - www.instaforex.com

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