LITECOIN/USD: The price will GROW more inside its RISING WEDGE!Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis 📈 and Trading Tips 📉, support the idea hitting the LIKE 👍 button and don't forget to SUBSCRIBE ✔️ my channel, you won't miss anything !
🟢 Forex Pair :
LTC/USD
⚪ Technical Analysis :
Since February, the price has been following a clear uptrend, moving just around its EMA 200, forming an interesting rising wedge pattern. (See the rejections on its dynamic lines)
On the 20th of the same month, the price got a nice rejection once it reached its dynamic resistance line, falling quickly down until a support zone at about 221.25.
It is creating lower highs and lows, so there is a possibility of market's weakness, but don't forget that overall, the market is still bullish and the h1 time frame is full of noise!
It is currently consolidating between the two levels 221.5 and 231.1, almost closing its 4h session with a bullish hammer, so I'll be looking for a breakout of its resistance zone.
🔴 Conclusion :
Considering the bullish market, I'll be looking for a long position on this trade, so eventually I'll see a proper breakout of the resistance zone, with a closing upbar at about 233.8, I'd definitely entry long.
My target profit would be the level at about 257, up to its next resistance zone and the dynamic resistance line;
My stop loss would be at about 219.50, just below the support zone and its last low.
If the price will break down breaking through the support zone and the rising wedge pattern, this setup wouldn't be valid anymore.
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⚠️ Please note the views are not investment advice and should be used only for educational purposes ⚠️
Trade Safe and Responsibly ,
Gianni
