LitecoinShort
LTC/USD - Rising Wedge - Seraching for bottom!
Updated
The idea here is to trade the break of this short-term rising wedge. Ideally a time filter of at least 15 minutes should be applied in order not to catch a bear trap.
Stop loss level above the recent high.
Take profit level based on the MPO from the base of the wedge. It also coincides with the latest support level.
RSI is in the overbought region + looks like a double top has been formed. And the trend line on RSI looks like is going to break anytime as well.
For me its an ideal trade set-up. If you will check my previous posts, you will notice how well triangles and wedges work with Litecoin. Don't trade a lot lately, like to search for the quality trades, not the quantity.
The pattern will get invalidated if we don't see a break in the next 21 hours.
Good luck!
Order cancelled
Note
Unfortunately the wedge broke to the upside. I suppose the set up can be considered as cancelled, but am not 100% sure. It's not the first time when I see similar price action. Sometimes it slightly breaks to the upside, then it gets rejected and eventually breaks to the downside. Take a look at the similar rising wedge in BTC.
So if the price will slide downside in the next hour or so, think it might be quite possible.
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