The double chart pattern has always been a bearish reversal chart pattern depending on where is been spotted and how it breaks down from the horizontal support.
On the 4hours time frame chart of LTCUSD, price has consistently maintained it horizontal boundaries. Traders should be more careful of the fake breakdown, only focus on the valid breakdown from the horizontal support. The close of the body of the candlestick below the horizontal support is a step ahead of the validity of the pattern. The pattern shown above is a clear presentation of double top (EVE&EVE). The means that both tops are round in shape. The levels below are the areas of concentration for traders:
Breakdown levels: $58.446
Support 1: $57.225
Support 2: $55.279
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.
On the 4hours time frame chart of LTCUSD, price has consistently maintained it horizontal boundaries. Traders should be more careful of the fake breakdown, only focus on the valid breakdown from the horizontal support. The close of the body of the candlestick below the horizontal support is a step ahead of the validity of the pattern. The pattern shown above is a clear presentation of double top (EVE&EVE). The means that both tops are round in shape. The levels below are the areas of concentration for traders:
Breakdown levels: $58.446
Support 1: $57.225
Support 2: $55.279
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.