Litecoin Ascending Triangle
Updated
The Ascending Triangle is continuation pattern. Which forms usually during an uptrend.
In this scenario we have to be careful as we watch at the MACD indicator it shows to us that it has ascended pretty high, which means the possibility to it retrace is way too high. That's why I consider this is risky trade.
Confirmation for further uptrend movement is that when the price breaks the resistance level of this pattern.
If the price breaks support level of the Ascending Triangle we should test support around 57.8 level. If the price does not hold we will see further movement downwards till 54.5 level and then 50 level.
Trading information:
Buy: 61.8
Partial profit: 68
Long term profit: 90
Stop-loss: 58
Note: this is risky trade and you should be looking for new buy opportunities from the lower points.
Be careful while trading!
I do appreciate constructive criticism and feedback!
Yarr!
In this scenario we have to be careful as we watch at the MACD indicator it shows to us that it has ascended pretty high, which means the possibility to it retrace is way too high. That's why I consider this is risky trade.
Confirmation for further uptrend movement is that when the price breaks the resistance level of this pattern.
If the price breaks support level of the Ascending Triangle we should test support around 57.8 level. If the price does not hold we will see further movement downwards till 54.5 level and then 50 level.
Trading information:
Buy: 61.8
Partial profit: 68
Long term profit: 90
Stop-loss: 58
Note: this is risky trade and you should be looking for new buy opportunities from the lower points.
Be careful while trading!
I do appreciate constructive criticism and feedback!
Yarr!
Trade active
Broke out of the pattern!Trade active
Partial profit target hitTrade closed: target reached
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.