The start of the month of July has come good for the Litecoin as it broke above the falling trend line for the first in more than 6 weeks. The price pushed above the trend line and went on a small bull run, reaching above 6.00. The last day-two, the price action has stabilized a bit, however today we are seeing more gains (+3.50% currently). This has led the coin to activate the bull flag pattern and it is now looking to test the next level of resistance - horizontal block connecting previous lows/highs. This block coincides almost to a pip with the bull flag measured take profit target.
Trading bull flags are not so often but once identified then it offers a great R:R setup. In this particular case, we are looking to risk 30 pips in order to make 60.
Entry: Current market price - 6.25
Stop: 5.95
Profit taking level: 6.85
R:R 2:1.
Trading bull flags are not so often but once identified then it offers a great R:R setup. In this particular case, we are looking to risk 30 pips in order to make 60.
Entry: Current market price - 6.25
Stop: 5.95
Profit taking level: 6.85
R:R 2:1.