Despite the market indecisive performance in the past week, price still remains bearish. The price of LTCUSD is not affected by this weak move in the market.
On the one day time frame, LTCUSD price chart has been spotted currently consolidating inside a bullish pennant flag pattern.
The most reliable chart pattern most traders love to trade if spotted(Pennants are the workhorses of the day trader).
The important part of the bullish pennant flag pattern is the flag pole, the flagpole which leads to the pennant should be unusually steep and last several days(depending on the time frame used).
As clearly shown on the chart, the flag has more white space inside it which makes it a LOOSE PATTERN. A tight pennant performs better than a loose one, so more care should be taken when trading a loose pennant flag pattern. Lastly, the volume which i have always mentioned several times plays an important role in the breakout. Volume trend downward 89% of the time.
NOTE: ALWAYS WAIT FOR PRICE TO BREAKOUT ABOVE THE RESISTANCE BEFORE TAKING A TRADE.
VERDICT:
BUY: $33.18
SELL: $33.90 up to $35
STOP LOSS: $32.10
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
On the one day time frame, LTCUSD price chart has been spotted currently consolidating inside a bullish pennant flag pattern.
The most reliable chart pattern most traders love to trade if spotted(Pennants are the workhorses of the day trader).
The important part of the bullish pennant flag pattern is the flag pole, the flagpole which leads to the pennant should be unusually steep and last several days(depending on the time frame used).
As clearly shown on the chart, the flag has more white space inside it which makes it a LOOSE PATTERN. A tight pennant performs better than a loose one, so more care should be taken when trading a loose pennant flag pattern. Lastly, the volume which i have always mentioned several times plays an important role in the breakout. Volume trend downward 89% of the time.
NOTE: ALWAYS WAIT FOR PRICE TO BREAKOUT ABOVE THE RESISTANCE BEFORE TAKING A TRADE.
VERDICT:
BUY: $33.18
SELL: $33.90 up to $35
STOP LOSS: $32.10
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.