LTC being hold by trendline
Updated
Hi,
Litecoin must continue upwards as it hasn't done ATH yet
Supposing that late February correction is over and drawing the associated fib retracement, we are dealing now with the 0.5 fib level
Price action should be rejected upwards by this 0.5fib if we take into account that :
- An ascending triangle is in progress ==> we should break the horizontal red resistance before 4 days
- Red trendline (since Oct'20) is holding
High risk / High reward setup :
- 20x Margin position ==> we shouldn't touch 0.382fib so it's "safe" ==> Please note that your position would be liquidated around 188-189$
- 10x Margin position for a safer trade, putting SL at 188$
In both cases, look closely if we broke the red trendline support
PS : trade at your own risk and just the amount you may afford to lose
Litecoin must continue upwards as it hasn't done ATH yet
Supposing that late February correction is over and drawing the associated fib retracement, we are dealing now with the 0.5 fib level
Price action should be rejected upwards by this 0.5fib if we take into account that :
- An ascending triangle is in progress ==> we should break the horizontal red resistance before 4 days
- Red trendline (since Oct'20) is holding
High risk / High reward setup :
- 20x Margin position ==> we shouldn't touch 0.382fib so it's "safe" ==> Please note that your position would be liquidated around 188-189$
- 10x Margin position for a safer trade, putting SL at 188$
In both cases, look closely if we broke the red trendline support
PS : trade at your own risk and just the amount you may afford to lose
Comment
LTC is taking some time before taking off. A bit of consolidation, which is good as the pump will be stronger.Red trendline and 0.5fib still holding, which is a good sign.
We could expect some movement on price action tomorrow last day of the week and specially on Monday at the beginning of the week and the small ascending triangle should be broken upwards in the incoming days
Since I published the idea, it's been a +3%, which would have been around +60% with a 20x margin position ;)
Trade safe
Comment
We broke down the red trenline. Anyway it should bounce back in the next hours (it's in progress now) as it has done several times since OctoberOverall trend is still bullish
Trade closed: stop reached
It seems we must wait a bit to go up againDisclaimer
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