Litecoin - Intersection of Two Trend Lines. Ready Go Up?
Updated
The Market is giving us a new trading opportunity. Chart is showing The Falling Wedge Pattern which is considered as Reversal and Continuation Chart Pattern.
Price is heading towards the intersection of two trend lines which are uptrend line and downtrend line. The Price has not been able to break longer term uptrend line and is acting as strong support level. This intersection is forming the symmetrical triangle and can break either way. It is important not to buy too early and only from the confirmed breakouts.
What if the price breaks downwards? It is essential to watch for MA100 level and the box area for reversals before certifying that the price continues moving further downward.
Also buy orders should be cancelled. Note that The Symmetrical Triangle is known also from it's traps and even it would break downwards it would not indicate continuation further down.
This is also one of the reason why I have set buy orders that high. Buy orders can be set above resistance level of the Symmetrical Triangle but this offers more risk than any good.
Buy orders should be set above swing high of 218 level and stop-loss order at 128 level.
Main profit target is 360 with partial Profit targets at 264 & 286 levels.
Take in consideration that the price is influenced by bitcoin's price action and it is crucial to follow where bitcoin is heading to.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Yarr
Price is heading towards the intersection of two trend lines which are uptrend line and downtrend line. The Price has not been able to break longer term uptrend line and is acting as strong support level. This intersection is forming the symmetrical triangle and can break either way. It is important not to buy too early and only from the confirmed breakouts.
What if the price breaks downwards? It is essential to watch for MA100 level and the box area for reversals before certifying that the price continues moving further downward.
Also buy orders should be cancelled. Note that The Symmetrical Triangle is known also from it's traps and even it would break downwards it would not indicate continuation further down.
This is also one of the reason why I have set buy orders that high. Buy orders can be set above resistance level of the Symmetrical Triangle but this offers more risk than any good.
Buy orders should be set above swing high of 218 level and stop-loss order at 128 level.
Main profit target is 360 with partial Profit targets at 264 & 286 levels.
Take in consideration that the price is influenced by bitcoin's price action and it is crucial to follow where bitcoin is heading to.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
Yarr
Note
Price just breached first downtrend line!Trade active
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