LITUSDT - Short - Broadening wedge
Updated
LIT is currently forming an ascending broadening wedge on 4h timeframe. An ascending broadening wedge is a bearish reversal chart pattern. Where the upper line of the wedge acts like a resistance and the lower line acts as a support.
Looking at the chart we can see the RSI is suggesting an overbought condition. So it´s likely for the price to go down. Also we can see at 04:00 there was a lot of pressure from the sellers. So the price is most likely to go down. First target one should be prioritized. When the price breaks out of the pattern the final target could be considered.
All the details are shown on the chart.
Goodluck!
Looking at the chart we can see the RSI is suggesting an overbought condition. So it´s likely for the price to go down. Also we can see at 04:00 there was a lot of pressure from the sellers. So the price is most likely to go down. First target one should be prioritized. When the price breaks out of the pattern the final target could be considered.
All the details are shown on the chart.
Goodluck!
Trade closed: target reached
the price overshooted a bit but now 2 targets reached.
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