A quick look at #Litecoin (#LTCUSDT, 4HR, #Binance):
Price broke the upper resistance of the pennant pattern on April 5.
After reaching T1, it stopped at $297 on its way to T2.
Price is now retracing to S1, where it might bounce back. If not, next supports are S2 and S3.
What do you think?
Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome. Thank you and Happy trading!
------------------------------------------------------ Needless to say, this is not financial advice!
Trade active
⋅
Oh wow! That was a nice spike we just had! Unfortunately, we missed TP2 by $0.70! However, looking at the 30m chart (see below), let's see if price bounces off that trend line. There is a chance it may push up again. On the other hand, that upper wick is quite strong. Let's see in the next few hours.
Trade active
⋅
T2 reached! Woo-hoo! What to do next? First, it's important to see if the impulse is over or not. If it's over, one may take the chance to "recharge" at the Fib levels in the chart below. The 0.236 and the 0.382 seem the safest. Or you could reinvest it on another project. I still have TP3 on the horizon!
Trade active
⋅
LTC dropped about 30% during the last dip. Scary, but also a great opportunity to buy more, buy back, or enter. It has been a good trade so far with both TP1 and TP2 reached. Currently, LTC recovered from the EMA200 and it's trading at the TP1 level. We need that support to hold to move up, but the buyback volume seems good.
Trade closed: target reached
⋅
We did eventually touched our stop-loss during the last dip, but the rebound was powerful enough to push us straight through TP2 and TP3! LTC is just about $20 from its 2017 ATH. Let's see how it reacts at this level and if the current support is strong enough to push the price higher.
@vision127, Absolutely! I was thinking I might need to add more targets at $397, $430 and $493! :)
Overthing7843
⋅
It bounced but I`m not sure that we go to TP2, how do you think about it?
BitfulMind
⋅
@Overthing7843, Hi, thank you for your comment! Happy to share my personal reasoning. I set the TP2 based on the theory according which the target price can be set at the height of the pennant pole from the breakout point. In support to that, we are in an uptrend, MACD is bullish, volume is increasing, and price is just 5% from TP2. As I write this, price has just broken $300.