iskfx
Long

LTCUSD falling wedge breakout

COINBASE:LTCUSD   Litecoin / U.S. Dollar
COINBASE:LTCUSD

A bullish breakout of a falling wedge constitutes an excellent long opportunity, with a falling wedge being a continuation pattern.

STOP LOSS: 93.91
TAKE PROFIT: 414.69
Risk-reward: 3.2

Longer term trend: Bullish
Current trend: Bearish

General comments:
The falling wedge formed starting mid-december. The lower channel became flat (horizontal, instead of diagonally down) due to the 78.6% retracement supporting prices up.

What I like:
1) price respected the 78.6 level twice with 2 pins piercing through but closed above. This means signals a good price area of where to park our stop losses.
2) excellent risk-reward ratio of >3
3) price has spent about 2 months in the falling wedge , a breakout may be one with notable vigor

What I dislike:
1) technicals aside, LTC's performance (like many other coins) is hindered if BTC prices continue to slump. The market uses BTC as a bench to check the general health of cryptocurrencies.

Other things to note:
1) many speculate huge bullish movements with astronomical targets since the beginning of the BTC's huge correction. The time is about now.

*This is my first few attempts to contribute to the tradingview community. All suggestions/feedback welcome!

x, and happy chinese new year,
iskfx
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