Litecoin had a false breakout from the weekly support in the 47$ area. The market grabbed new liquidity and started with a consolidation phase until a breakout of the daily resistance of65$ area.
The market is creating Higher High and Higher lows after a sweep of liquidity on 80$ area.
How we can approach it?
At the moment the price is testing a key level, not a trade zone for our Strategy, but I add it to my watch list. The market is creating a potential Rising wedge, between the weekly support. I'm watching the 80$ area resistance and 70$ area support.
If the price is going to have a breakout from the support and retest it as new resistance, I'm going to look for a new short opportunity applying CPS strategy, otherwise, if the price is going to have a clear breakout with volume and confirmations, I could apply the MTB and CPS strategy with a possible target on first supply zone
The market is creating Higher High and Higher lows after a sweep of liquidity on 80$ area.
How we can approach it?
At the moment the price is testing a key level, not a trade zone for our Strategy, but I add it to my watch list. The market is creating a potential Rising wedge, between the weekly support. I'm watching the 80$ area resistance and 70$ area support.
If the price is going to have a breakout from the support and retest it as new resistance, I'm going to look for a new short opportunity applying CPS strategy, otherwise, if the price is going to have a clear breakout with volume and confirmations, I could apply the MTB and CPS strategy with a possible target on first supply zone
Note
I'd like to see a daily close above the daily resistance Note
16%Note
20%Note
The price is testing the weekly resistance as I said Note
23%Note
27%Note
nice profit here, more if the price is going to have a breakout from the supply zone
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.