rob2093124

LTCUSD Ascending Wedge Reversal

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
559 views
6
In most cases, these patterns result in a reversal of the pattern. Here's what I'm seeing from LTC. I'm planning to sell in the yellow circle area and wait to see what happens from there. If it breaks and closes upward, I'll buy back into position depending on indicators, etc. If not, you can expect it to drop to the 150 range. This drop is measured by the beginning of the wedge .

I'm new to TA and am using this as practice. If you are experienced and have any advice or suggestions, please let me know.
Comment: I noticed my line wasn't drawn correctly. It has just touched the bottom of the trend line. I moved the trend to the bottom of the wick of D wave
Trade active:
Comment: Additionally, 4h and 1h Stoch RSI are showing oversold, which makes me more confident that it will complete E wave before moving downward. Again, this could also break upward through top of wedge, or even downward earlier than expected.

Comments

interesting, i also see a reverse H&D there that could send it skyrocketing to around $400. But that bear wedge is also valid.
Interesting to see what happens.
+1 Reply
rob2093124 somanystreams
@somanystreams, agreed. I think the inverted H&S is a little bit of a stretch. At least it doesn't look the way I'd like it to look. Same for a Cup and Handle.
Reply
somanystreams rob2093124
@rob2093124, not sure how that "D" got in there. Meant to say H&S but you seemed to have interpreted my bad caligraphy ;)
+1 Reply
rob2093124 somanystreams
@somanystreams, no worries lol. I didn't even notice.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out