LTCUSD falling wedge breakoutCOINBASE:LTCUSD
A bullish breakout of a falling wedge constitutes an excellent long opportunity, with a falling wedge being a continuation pattern .
STOP LOSS : 93.91
TAKE PROFIT : 414.69
Risk-reward : 3.2
Longer term trend: Bullish
Current trend: Bearish
General comments:
The falling wedge formed starting mid-december. The lower channel became flat (horizontal, instead of diagonally down) due to the 78.6% retracement supporting prices up.
What I like:
1) price respected the 78.6 level twice with 2 pins piercing through but closed above. This means signals a good price area of where to park our stop losses.
2) excellent risk-reward ratio of >3
3) price has spent about 2 months in the falling wedge, a breakout may be one with notable vigor
What I dislike:
1) technicals aside, LTC's performance (like many other coins) is hindered if BTC prices continue to slump. The market uses BTC as a bench to check the general health of cryptocurrencies.
Other things to note:
1) many speculate huge bullish movements with astronomical targets since the beginning of the BTC's huge correction. The time is about now.
*This is my first few attempts to contribute to the tradingview community. All suggestions/feedback welcome!
x, and happy chinese new year,
iskfx
