Hello.
It is true that the price of Litecoin is currently in an uptrend on the daily chart (making higher highs and higher lows).
From there I'm looking for patterns that can help me do the right trade.
I present to you my findings.
The price made a double bottom formation then reverse and close above the 20 EMA.
the reversal is valid only if there is a close above the first descending trendline that forms during the leading phase.
But there is a lot of clues that match with the description of the pattern that you can read on this site: thepatternsite.com/barrb.html
The targets is the high of the leading phase (107 dollars)
If price drop from now, the last support is 65'77 dollars. Below that I close my trade because I would expect more downside.
So it is a -8% risk for +48% rewards.
Have a good day.
It is true that the price of Litecoin is currently in an uptrend on the daily chart (making higher highs and higher lows).
From there I'm looking for patterns that can help me do the right trade.
I present to you my findings.
The price made a double bottom formation then reverse and close above the 20 EMA.
the reversal is valid only if there is a close above the first descending trendline that forms during the leading phase.
But there is a lot of clues that match with the description of the pattern that you can read on this site: thepatternsite.com/barrb.html
The targets is the high of the leading phase (107 dollars)
If price drop from now, the last support is 65'77 dollars. Below that I close my trade because I would expect more downside.
So it is a -8% risk for +48% rewards.
Have a good day.
Trade active:
Price drop as what appeared to be a stop hunt and close above my last line of support.
I will look at today closing price to decide if I exit the trade or not.
Price drop as what appeared to be a stop hunt and close above my last line of support.
I will look at today closing price to decide if I exit the trade or not.
Trade closed: stop reached
it look like it won"t make it. but I want to belive
the trendline is obvious, the resistances are obvious.
any green candle close above 66.16 can indicate a change of trend.