Litecoin bull flag activated
The start of the month of July has come good for the Litecoin as it broke above the falling trend line for the first in more than 6 weeks. The price pushed above the trend line and went on a small bull run, reaching above 6.00. The last day-two, the price action has stabilized a bit, however today we are seeing more gains (+3.50% currently). This has led the coin to activate the bull flag pattern and it is now looking to test the next level of resistance - horizontal block connecting previous lows/highs. This block coincides almost to a pip with the bull flag measured take profit target.
Trading bull flags are not so often but once identified then it offers a great R:R setup. In this particular case, we are looking to risk 30 pips in order to make 60.
Entry: Current market price - 6.25
Stop: 5.95
Profit taking level: 6.85
R:R 2:1.
Trading bull flags are not so often but once identified then it offers a great R:R setup. In this particular case, we are looking to risk 30 pips in order to make 60.
Entry: Current market price - 6.25
Stop: 5.95
Profit taking level: 6.85
R:R 2:1.
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