LitecoinLong
LTC/USD - Bull Flag - Potentially a good buy trade
Updated
Since yesterday, the crypto market has slightly recovered with some major alts reaching up to 15% gains. LTC is one of them, in my opinion, if we get a break of yesterday's highs the bullish trend will be confirmed, which will lead to an even bigger recovery.
The idea is to trade the bull flag pattern that is currently forming in LTC. Open the trade on the break of the flag with a 1-hour time filter for additional confirmation. Think it should be a quick trade if we will get an impulsive break of the resistance, can even happen right now!
SL should be placed just bellow the flag and TP level based on the MPO of the flag. After the break of the 57 price level SL can be placed to the break-even level.
The idea is to trade the bull flag pattern that is currently forming in LTC. Open the trade on the break of the flag with a 1-hour time filter for additional confirmation. Think it should be a quick trade if we will get an impulsive break of the resistance, can even happen right now!
SL should be placed just bellow the flag and TP level based on the MPO of the flag. After the break of the 57 price level SL can be placed to the break-even level.
Note
The break has happened while was writing the post, will wait for the hourly candle close to get in the trade!Trade active
The trade was opened on the break of the flag. So far the pattern perfectly plays out. We just had a retest move to the upper side of the flag level which was rejected.Trade closed: target reached
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