LTCBTC Falling wedge
Updated
Massive potential on litecoin, if it manages to break out of this falling wedge structure on the weekly timeframe that has been building since februari 2018. Pretty easy to manage risk on the downside especially if your getting in on the lower bound of the wedge. Alternatively wait for the break or of course scale in slowly and add when conformation is given. Area to flip for support shown in red. RSI is building pressure in a triangle as well and showing bullish divergence.
Targets are clear from the weekly closes, and depending on where the break happens total potential for this falling wedge is about 450%.
Good luck
Targets are clear from the weekly closes, and depending on where the break happens total potential for this falling wedge is about 450%.
Good luck
Comment
Nice bounce on LTC this week, but to early to call for a trend reversal. We still have major resistance to break between 450k and 500k sats. If you like to speculate and go for an early entry, I would wait for a drop to 325k-355k with a SL around 310k, in which case the entire gain is cancelled.Scaling in slowly and managing risk would even give a very nice trade from an RR standpoint without a breakout of the falling wedge. This play would allow you to already reduce your risk to zero before the breakout and letting your profits ride.
Trade active
Very close now to the end of this massive falling wedge. The past few weeks, from early december, we've seen a narrow range between 300-330k seeming to confirm the October bottom. This tight range held even during volatile periods in the market where Bitcoin dropped quite a lot. Altcoins overall held pretty well. I've started to accumulate with an average entry of 325k, looking to add when a breakout is confirmed. Currently broken out of the range and on it's way to test the trendline for the first time, probably won't break on the first attempt. So still some opportunities to get in on the pullback imo.Trade active
Took some early profits on the last runup back to the trendline. Got rejected on the first attempt as expected. If the break is going to happen it should happen in the coming days.Trade active
Finally broken the trendline, as many alts are starting to turn. Got stopped out of my last position, but got back in @2656. Already took some profits to quickly reduce risk to zero. First target around 300k, looking to scale in more on the pullback.
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