Nmeserve
Long

Litecoin - Descending Triangle on 4hr chart

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Litecoin stuck trading in channel on the 4 hour chart. Returned to strong resistance at $113 but forming descending triangle on 4 hour chart with an apex occurring tonight or tomorrow morning. Wicks could go sub $100 - potentially even as low as $80 - but I don't expect them to stay there for long. My buy orders are set at strong support zone of between $100 and $101. This descending triangle is a potential bear trap and looking for huge up-swing over the next few days. Green boxes to the right of the text on chart indicate my potential profit targets based on Fib retracement levels. I don't recommend stop losses in this scenario because of the potential volatility if LTC breaks $100. Will consider closing position at a loss if LTC breaks $100 and continues showing signs of bearish trend on the 4hr and daily charts .
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