TheSignalyst

LITECOIN - Reversal Soon!

Long
COINBASE:LTCUSD   Litecoin / U.S. Dollar
LITECOIN is overall bearish trading inside our two red trendlines forming a Wedge pattern. And the first major support that may hold it back is the blue zone and round number 100, so as LITECOIN approaches it, we will be looking for reversal buy setups.

The upper red trendline is not valid yet (only connecting two swings) so we will be waiting for a third swing to form around it to consider it valid (projection in purple). In this case, the third swing would be considered our trigger swing.

Trigger: Waiting for a momentum candle close above the gray area to buy. (after the swing high is formed as shown in purple)

Until the buy is activated, LITECOIN would be overall bearish trading inside the red wedge pattern and can still dive inside the blue support before going up.

And of course, as LITECOIN approaches our upper green supply zones, we will be looking for sell setups.

As per my trading style:
When our buy is activated, the stop loss goes below the last swing low, and I target double the stop loss size.


Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

The top trendline is valid now, but the bottom isn't yet, correct?
+1 Reply
great work
+1 Reply
TheSignalyst Yuriy_Bishko
@Yuriy_Bishko, thank you!
Reply
Very nice analysis. Thanks for sharing mate.
+1 Reply
TheSignalyst KlejdiCuni
@KlejdiCuni, thank you Klejdi!
Reply
you are making a good point
+1 Reply
@abel11, thanks
Reply
Top idea!
+1 Reply
TheSignalyst Henry_Ross
@Henry_Ross, thank you Henry!
Reply
fantastic work as usual
+1 Reply
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