LTCUSDA 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
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Automate your trading with Tradingview alerts to Metatrader 4/5 using webhooks.
Start your 14-day free trial now @ pineconnector.com/. Credit card not required.
Start your 14-day free trial now @ pineconnector.com/. Credit card not required.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.