Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
I always keep an eye on Litecoin to feel the overall crypto market.
LTC has been trading inside the blue flat rising broadening wedge pattern, and we lately rejected the 85.0 supply zone.
After breaking below the last major low from H4 (in gray) the bears took over. So we are currently bearish medium-term.
As we trade lower, we will be approaching the lower bound of the rising broadening wedge.
Moreover, 50.0 is a strong weekly support zone .
So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower blue trendline. (acting as non-horizontal support)
As per my trading style:
As LTC approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Then we will be expect a shift in momentum from bearish to bullish.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
I always keep an eye on Litecoin to feel the overall crypto market.
LTC has been trading inside the blue flat rising broadening wedge pattern, and we lately rejected the 85.0 supply zone.
After breaking below the last major low from H4 (in gray) the bears took over. So we are currently bearish medium-term.
As we trade lower, we will be approaching the lower bound of the rising broadening wedge.
Moreover, 50.0 is a strong weekly support zone .
So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower blue trendline. (acting as non-horizontal support)
As per my trading style:
As LTC approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Then we will be expect a shift in momentum from bearish to bullish.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
