LTCUSD: Another Ascending Triangle on 4hr Like ETHUSD
Updated
Similar to ETH's ascending triangle that developed in past two weeks, Litecoin against USD on the 4hr is in a much cleaner bullish ascending triangle while facing resistance at the 200 MA. The 50&100 MAs have already had a bullish cross, oscillators are looking bullish. Will open a position above $73.25 (above previous swing high) with tight stop loss at $69 for a 2:1 ratio. Horizontal resistance levels around $79-82 with the measured target for the triangle breakout at $82, shown by the golden line.
Note
It's worth noting this ascending triangle is much less complete than ETH's was. This is only about half way through, so expecting a break in 2-3 days when nearer 75% if it continues to hold. The ascending support trendline is also less steep, hence the longer the triangle.Note
LTCUSD looks like a stable play for this bullish altcoin chart and will likely follow the same path. Both charts have a similar pair of descending & ascending triangles and look like they need a bit more time to solidify the triangle pattern.
Note
Price is finding resistance at the 200 MA that is coming down to the price in steep fashion. Look healthy and maintaining $70, even with low volume. Needs another bounce to the bottom of the triangle possibly like with the altcoin market, or a volume push to breakout of the triangle to the upside like with ETHUSD.Note
Litecoin needs to hold $68 support otherwise the ascending triangle (green) is invalidated, instead confirming the bear flag (purple). Let's see what occurs first.Trade active
Average of $73.5.Note
Shame about the wick, but holding strong and looking ready to move higher. Hasn't even retested the triangle support trendline (old resistance). Bullish.Trade active
Perfect pop with good volume. Hopefully it can breakout of the bear flag too, otherwise it may correct back down. Stop loss raised to triangle breakout $71.49 (-2.7%).
Trade active
Stop loss moved to break-even with LTC breaking out of ascending channel. Currently facing resistance from the 50 Day MA that it hasn't seen in two months.
Have moved target to the 200 Day MA @ $87 (+18%) as well as resistance level.
RSI beaching bullish @ 60. CMF now positive. MACD trending upwards.
Trade closed: stop reached
Bit annoying but whatevs. Now to consider re-entry.
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