LIT About to Break Descending Wedge on Daily Chart!
LIT is in a large wedge on the Daily chart but is within a consolidation and below the 200-period averages. If it breaks this wedge it will still fight to break the averages that are just above the resistance.
So we can say that this is a price fight zone where buyers and sellers are constantly fighting.
After that, we have a clear path to the next resistance between 1.16 and then the 1.8 region.
We can say that this is an asymmetric trade since the R/R (Risk/Return) is 15:1 if we consider the stop on the last big red candle.
Keep an eye on the breakout, now it could be a good entry since it hit the bottom of the wedge, but it is still below the averages on the daily and the 4h chart for both the Lit/BTC and Lit/USDT pairs.
This is one of the trades that can put a lot of money in your pocket if managed correctly!
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