LTCUSDT - In Bullish Trend
The coin is in bullish trend on an hourly chart (4H or 1H). I have done a multi time frame analysis and planned my trade on 1H time frame in the upward direction of the swing. It is making a bullish flag and my entry is placed at the breakout of the pole of the flag. Yellow, Red and Green rays (lines) are my Entry, SL and TP respectively.
Confluences:
1- On a Daily/Weekly chart the trend is making a symmetrical triangle and currently the trend has tested the support of that triangle and in upward swing (in the direction of our trade)
2- On Daily time frame, the chart is approaching a trend line which is below our target of 70.70 but a bullish flag pattern support the idea that it would pierce through the resistance level which is plotted on an hourly chart.
3- On an Hourly time frame, the chart has tested an hourly support level and in moving upwards towards hourly resistance level.
4- On an Hourly chart is it making a bullish flag. SMA 50 is in Support of the trend. The chart is at SR-Flip level, so it might bounce back (upwards towards the target) OR
according to the Fib retracement, the trend may correct @ 0.382, 0.5 or 0.618 level (64.58, 64 or 63.42 respectively).
Confluences:
1- On a Daily/Weekly chart the trend is making a symmetrical triangle and currently the trend has tested the support of that triangle and in upward swing (in the direction of our trade)
2- On Daily time frame, the chart is approaching a trend line which is below our target of 70.70 but a bullish flag pattern support the idea that it would pierce through the resistance level which is plotted on an hourly chart.
3- On an Hourly time frame, the chart has tested an hourly support level and in moving upwards towards hourly resistance level.
4- On an Hourly chart is it making a bullish flag. SMA 50 is in Support of the trend. The chart is at SR-Flip level, so it might bounce back (upwards towards the target) OR
according to the Fib retracement, the trend may correct @ 0.382, 0.5 or 0.618 level (64.58, 64 or 63.42 respectively).
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